Small Business

Support for Economic Loss

Disaster Assistance Loans

  • Visit:¬†https://www.sba.gov/funding-programs/disaster-assistance
  • Small businesses, private non-profits, homeowners, and renters experiencing financial losses due to COVID-19 can now apply for emergency financial assistance through the U.S. Small Business Administration (SBA)
  • The SBA Disaster Assistance Loan Program provides loans up to $2 million for small businesses and private non-profits, at rates of 3.75% (for-profit) and 2.75% (non-profit) for terms up to 30 years on a case-by-case basis

Alternate Relief and Initiatives 

  • The CARES Act is currently working on new programs to help small business, it is important to stay current by visiting the website regularly (above)
  • The Paycheck Protection Program (PPP) ensures employees would continue receiving checks through a forgiven grant if criteria are met by employer
  • An EIDL is the Emergency Economic Injury Grant for small businesses and non-profits, providing up to $10,000 to keep employees on payroll
  • The Small Business Debt Relief Program is for NEW borrowers and helps cover loans for up to 6 months only for non-disaster related assistance

*Sourced From, "COVID-19 Austin Area Response," on March 31, 2020:

https://coronavirusaustin.wordpress.com/2020/03/31/small-business/

 

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