SBA Small Business Federal Assistance Guide

SMALL BIZ UPDATE: Small Business Federal Assistance Programs‼‼‼‼

Recently, there has been multiple information updates regarding the new Federal Assistance Programs to help the small businesses in our community. Here's what you need to know 📝

SBA Economic Injury Disaster Loan (EIDL) ⭐ Federal Disaster Loans for Businesses, Private Non-profits, Homeowners and Renters. The EIDL was created to help small businesses meet working capital needs caused by a natural disaster. Funds from the EIDL can be used to pay fixed debts, payroll, accounts payable, and other bills.
** Apply online through the SBA website.

SBA Economic Injury Disaster Loan Emergency Advance (EIDL LA) ⭐ This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. Funds will be made available following a successful application for the EIDL. This loan advance will not have to be repaid.
** Apply online through the SBA website.

SBA Paycheck Protection Program (PPP) ⭐ The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020. **Apply through banks. Please visit your bank’s website for more information. If you do not have a preferred bank, please visit the below bank’s website for more information.

MCBL has created the video below to help small businesses to understand the Economic Injury Disaster Loan and Paycheck Protections Programs, as well as to provide a brief overview of the application forms.

For more information about these programs, visit www.sba.gov.

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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA. All MCBL events and services are provided on a nondiscriminatory basis.