U.S. Small Business Administration Relief Programs
As our nation’s small businesses face unprecedented economic disruption due to the COVID-19 outbreak, the United States President has signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses. The CARES Act has established several new temporary programs for the U.S. Small Business Administration, which includes the Paycheck Protection Program, Economic Injury Disaster Loan, SBA Express Bridge Loans, and the SBA Debt Relief Program.
Economic Injury Disaster Loan
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic. This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.
Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program. The Paycheck Protection Program will be available through June 30, 2020.
SBA Express Bridge Loans
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA Debt Relief
As part of SBA’s debt relief efforts, the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
SBA Contact Information
Contact The SBA LRGV Office:
- (956) 427-8533
- (361) 879-0017
Contact The SBA Disaster Customer Service Center:
- TTY: 1-800-877-8339
Assistance From SBA Partners:
- Request an advisor: https://bit.ly/3buGrcd
- Call 956-665-7535
- Email: firstname.lastname@example.org
- UTRGV SBDC continues operational, telecommuting for the safely of the community and staff. SBDC continues to provide service to the small business community.
- Call 361-698-1021
- Online Counseling
- SBA YouTube Channel disaster video:
- NOTE: There are many videos on disaster applications, but all are not from the SBA. Beware!
- Sign up for email updates from SBA Lower Rio Grande Valley Newsletter
- make sure you enter your zip code to receive local information.
- Follow up on Twitter at
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