COVID-19 Business Loans in a Nutshell, Here's what you need to know

Here are some important information about the small business administration (SBA) COVID-19 loans that you need to know.

Download The Coronavirus emergency loans small business guide and checklist in PDF format
Download The Coronavirus emergency loans small business guide and checklist in PDF format

There are 3 main programs:


SBA Paycheck Protection Program (PPP) : For Small business, Nonprofits, Sole proprietors. This loan is to cover cost from February 15, 2020 - June 30, 2020 to pay for Employee Payroll, Rent, insurance, Paid sick or medical leave, Interest on mortgage obligations, Utilities.

  • Up to 8 weeks of eligible expenses may be forgiven
  • Loan repayments will be deferred for 6 months
  • Loans will be available from participating lenders starting Friday, April 3
  • More info: ny.gov


SBA Subsidy Loan Program: This loan provides benefits for businesses with existing SBA loans.

  • Loans will be available from participating lenders
  • More info: ny.gov


SBA Economic Injury Disaster Loan (EIDL) Program: For small small businesses, nonprofits with low-interest loans.

  • EIDL interest rates are 3.75% for small businesses and 2.75% for not-for-profits.
  • Borrowers can also apply for Emergency EIDL Grant from the SBA to request an advance on the loan of up to $10,000.
  • SBA must distribute within three days of the request.
  • The advance will be considered an Emergency EIDL grant.
  • SBA will require that the borrower file a certification, under penalty of perjury, that they are eligible to apply for an EIDL loan.
  • The Emergency EIDL Grants will end on December 30, 2020.
  • Apply online. Click below...
  • More info: ny.gov


Thank you Richard of Miralex Tax Services, LLC in Rosedale NY for this information.

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