COVID-19 BUSINESS ASSISTANCE
WHAT YOU NEED TO KNOW
In follow up to the $2 trillion CARES Act, which exhausted its funding on April 16, a new $484 billion stimulus bill has been signed into law. It replenishes SBA funding with an additional $322 billion for the Paycheck Protection Program, and an additional $60 billion for Economic Injury Disaster Loans (EIDL) and grants.
In addition to these funding programs, the Federal Reserve has opened the Main Street Lending Program for companies with up to 10,000 employees. See below for more information.
Paycheck Protection Program (PPP)
This loan provides loan forgiveness for retaining employees. Funding has been replenished with an additional $322 billion, of which $60 billion has been earmarked for small, midsize and community lenders. The below links will help you to navigate the program information and form-submission process.
EIDL Loan Advance
This loan advance will provide up to $10K of economic relief for short term needs. An additional $60 billion has been authorized for this program.
SBA Express Bridge Loans
Enables small businesses with a business relationship with an SBA Express Lender to access up to $25K quickly, to be repaid in full or in part with proceeds from the EIDL loan.
SBA Debt Relief
This program will automatically pay the principal, interest, and fees of the SBA’s current and new 7(a), 504, and microloans for a period of six months. New loans must be issued before September 27, 2020.
For more information, please read the Wall St. Journal article, What Small Business Owners Need to Know About the New Stimulus Bill.
U.S. Chamber of Commerce – Coronavirus Small Business Guide
The national chamber a complete coronavirus response toolkit with advice and tips on everything from HR to business strategy to recommended technology tools for remote employees.
SCORE – Coronavirus Business Resources
SCORE is an SBA resource partner and is offering remote mentoring and training sessions via phone, email and a variety of video and chat services.
Center for Disease Control (CDC) – Interim Guidance for Businesses and Employers
The CDC says all employers should implement strategies to protect their workforce from COVID-19 while ensuring continuity of operations. See their recommendations for an Infectious Disease Outbreak Response Plan.
Visit your local state and county websites directly for the most current information in your region.
Directory of State and Local Chambers of Commerce
State and local chambers of commerce are providing regional responses. For example, San Francisco has launched a Small Business Resilency Fund. Small business can qualify for up to $10,000 to cover salary and rent costs. Find out what kind of help is being offered in your region.
Small Business Relief Tracker at Forbes.com
Find federal, state and local government resources here, along with a listing of private and nonprofit resources.
To talk through your individual situation, please call or email your usual contact at White Oak Commercial Finance or email us at firstname.lastname@example.org
Federal government information
News and research
As the threat of COVID-19 evolves, we are monitoring the situation closely and offering you the following resources to help you stay up to date on government responses.
If you’d like to talk through options for your business or need help getting connected with an SBA-approved lender, please get in touch with your regular point of contact, or email us at email@example.com.
We wish you and your loved ones good health, and stand ready to help your business continue with strength and steadiness.