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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

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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