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.

LEARN MORE

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.

LEARN MORE

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.

LEARN MORE

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.

LEARN MORE

SBA Contact Information

Contact The SBA LRGV Office:

Contact The SBA Disaster Customer Service Center:

Assistance From SBA Partners:

Free assistance with reconstructing financial records, preparing financial statements and submitting the loan application is available from any of SBA’s partners: Small Business Development Centers (SBDCs), SCORE, and Veteran’s Business Outreach Centers as well as some local Chambers of Commerce.
University of Texas Rio Grande Valley Small Business Development Center

 

Del Mar College Small Business Development Center
SCORE
Additional Info / Resources

SBA Webinars

DISCLAIMER: ALL INFORMATION CONTAINED IN THIS WEB PAGE HAS BEEN RECEIVED FROM THIRD-PARTIES AND IS BEING SHARED “AS IS”, WITH NO REPRESENTATIONS, WARRANTIES OR GUARANTEES AS TO ITS COMPLETENESS, ACCURACY, TIMELINESS OR EFFECTIVENESS, OR OF THE RESULTS OBTAINED FROM THE USE OF THIS INFORMATION. THE BROWNSVILLE CHAMBER OF COMMERCE IS NOT RESPONSIBLE FOR YOUR USE OR INTERPRETATION OF THE INFORMATION CONTAINED IN THESE WEB PAGES OR THE WEB PAGES LINKED TO THEREIN.