The COVID-19 economic relief bill that was signed into law last week includes provisions to will help small businesses and non-profits survive during the pandemic.
Here are the programs:
Paycheck Protection Program
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.
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.
For more information: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Enhanced Debt Relief
Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.
For more information on all the Small Business Administration programs for small businesses during the COVID-19 pandemic: https://www.sba.gov/local-assistance
SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find the nearest office: https://www.sba.gov/local-assistance