How fast do you need your loan?
Paycheck Protection Program (PPP)
This is a loan through a qualified bank whereby the SBA guarantees the loan. This loan allows for up to $10,000,000, although the specific amount is capped for each business at 2.5 times the average monthly payroll of the business. That is right; basically, you can borrow up to 10 weeks of payroll. The CARES Act Loan has a lot of good terms, including the possibility of forgiveness.
We can help you in getting this loan.
Emergency Bridge Loan (EBL)
EBL: Emergency Bridge Loan (“EBL”), is the shortest and easiest one to apply for. The loan is for $50,000 maximum and must be repaid within one year, but it is likely to arrive the fastest. If you have a credit score of 680+ and can actually get through the web traffic, there is a $25,000 “fast track” loan. There are also some exceptions for up to $100,000, but that is exactly the kind of item we are not discussing in emails. We want to deal with BIG PICTURE items and be to the point.
Economic Injury Disaster Loan (EIDL)
The Small Business Administration COVID-19 Economic Injury Disaster Loan ( the “EIDL Loan”) is a loan directly from the SBA. This loan allows for up to $2,000,000 with a term of 30 years and 3.75% interest. The application is complicated and requires a number of supporting documents. Eligibility is also complicated, but you should not be deterred.
Small Business Administration (SBA) Debt Relief
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.Under this program:
- The SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
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