In an effort to keep liquidity in the economy and to allow businesses to endure the shutdowns and lack of traffic during this COVID-19 pandemic, the Treasury has made loans available to small businesses. The two main loans are the Economic Injury Disaster Loan (EIDL) which is administered by the Small Business Administration and the Paycheck Protection Program (PPP) which is administered by local banks and credit unions approved as SBA 7(a) lenders. To find more information about the EIDL loan including starting an application, visit the Small Business Administration's website via this link. To find more information about the PPP loan including the terms and forgiveness provisions, contact your local SBA 7(a) lender or visit the Small Business Administration's page about the PPP via this link. The Treasury has also posted PPP loan information including an overview, information for lenders, information for borrowers, and an application to give an idea of information needed. Click here and then select the applicable PDF for your situation.
J. Alan Hayes