SBA COVID-19 LOAN PROGRAMS
Get a $10,000 Emergency Advance
You can get up to a $10,000 Advance from the SBA for your small business while you wait for your larger CARES Act Paycheck Protection Program (PPP) Loan or SBA Economic Injury Disaster Loan (EIDL) Follow the below steps:
SBA 7(a) Relief Loan (Paycheck Protection Program)
New Program – CARES Act (Updated 4/2/2020)
- You can apply through Halo Capital, and learn more here
- Loan amounts up to $10,000,000**
Economic Injury Disaster Loan (EIDL) Existing Program
- Must apply directly through the SBA
- Loan Amounts up to $2,000,000
- 3.75% Interest rate for For-Profit Businesses
- 2.75% Interest rate for Non-For-Profit Businesses
- Loan Terms will not exceed 30 Years
- Collateral required is only when the loan is over $25,000
- Credit History: Must be acceptable to SBA and show the ability to repay.
- Only available in states with SBA approved declarations of disaster. Check to see if your area is on the list, click here.
- If you receive the EIDL, you will not be eligible for the SBA 7(a) Relief Loan
*Our sources indicate that there are currently over 25,000 applications submitted so far, with at least 3-weeks for approvals to be processed. It can be assumed that approval times will only increase as more applicants apply
