Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs

By U.S Chamber of Commerce https://www.uschamber.com/co/start/strategy/federal-small-business-stimulus-aid-programs-guide

Everything You Need to Know About Coronavirus Federal Small Business Stimulus Aid Programs
A breakdown of all the federal programs and aid for small business coronavirus assistance.
Three separate packages approved by Congress and signed by President Trump over the past weeks combined offer a variety of assistance to businesses. Here’s a breakdown of what’s in those packages and how your business can take advantage of these relief efforts. We will continue to update this story as we obtain more information.

Coronavirus Preparedness and Response Supplemental Appropriations Act         https://www.congress.gov/bill/116th-congress/house-bill/6074
What is it?
Signed into law on March 6, The Coronavirus Preparedness and Response Supplemental Appropriations Act provides $8.3 billion in emergency funding for federal agencies to respond to the coronavirus outbreak, enabling the U.S. Small Business Administration to offer $7 billion in disaster assistance loans to small businesses impacted by COVID-19.

What does it mean for small businesses?
The SBA is offering designated states and territories low-interest federal disaster loans to small businesses suffering substantial economic harm as a result of the coronavirus.

These loans may be used by small businesses to pay fixed debts, payroll, accounts payable and additional bills that can’t be paid because of COVID-19’s impact. The interest rate is 3.75% for small businesses without other available means of credit. The interest rate for non-profits is 2.75%. Businesses with a credit available elsewhere are not eligible.
The SBA loans come with long-term repayments, up to a maximum of 30 years, in an effort to keep payments affordable. Loan terms are determined on a case-by-case basis, according to individual borrower’s ability to repay.
The SBA has amended its disaster loan criteria to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Hence, borrowers of home and business disaster loans do not have to contact SBA to request a deferment.

Where can I learn more?
You can apply for an SBA Economic Injury Disaster Loan here.       https://www.sba.gov/disaster-assistance/coronavirus-covid-19#/
Read our full story on SBA Disaster Assistance Loans.                        https://www.uschamber.com/co/run/business-financing/sba-disaster-assistance-loans-guide
SCORE is offering assistance in filling out SBA loan applications     https://www.score.org/coronavirus
Small Business Development Centers are also offering assistance    https://americassbdc.org/small-business-consulting-and-training/find-your-sbdc/
For everything, you need to know about applying for a small business loan, see the U.S. Chamber’s Small Business Loan Guide.                https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

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