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On March 27 President Trump signed into law H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, which contains $376 billion in relief, the largest in history, for American workers and small businesses. A link to this relief bill including links to funding applications show below where you can find specific detailed info about the four main areas of financial relief and resources:


1 – Paycheck Protection Program “PPP”

Paycheck Protection Program “PPP” (a loan and an incentive for small businesses who keep employees on their payroll); this special SBA loan program, where lenders can begin processing loans on April 3 and on April 10 depending on the size of the business, is available through June 30, 2020 or when the PPP funds are fully subscribed. Consult with your local lender to see whether they are participating in this program. 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.

2 – EIDL (Economic Injury Disaster Loan Advance)

This plan will provide up to $10,000 of economic relief following a successful application to the SBA on a first-come first-serve basis through Dec. 31, 2020 or when the funds are used up.  This EIDL loan advance is for relief to businesses that are currently experiencing a temporary loss of revenue.  According to the United States Small Business Administration, “this loan advance (of up to $10,000) will not have to be repaid.”  This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations or 501(c)(19) veterans organizations affected by COVID-19, as well as businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.


The EIDL (Economic Injury Disaster Loan) advance funds will be made available within days of a successful  application.  Any small business who applies for these SBA CARES programs must have been formed prior to Feb. 15, 2020 to be eligible to apply for a CARES loan advance.


Some small businesses are eligible to apply for both SBA PPP Paycheck Protection Program loans and EIDL loan advances, but not all businesses can apply for both, because the PPP applies to small businesses who have employees, while the EIDL program applies to both businesses with employees and self-employed sole-proprietors. 


Small businesses can also apply for a CARES “EIDL loan” directly with the U.S. Small Business Administration where the loaned money received has to be used for rent or a business operating cost.  The CARES “EIDL” loan interest rate is 3.75% applicable to for-profit business or 2.75% for non-profit organizations.  For example, a small business can get an EIDL loan at 3.75% or a non-profit can get a EIDL loan at 2.75%, and the U.S. S.B.A. may give that business or non-profit organization a loan advance of up to $10,000 under their CARES program.

3 – 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.



•  Up to $25,000

•  Fast turnaround

•  Will be repaid in full or in part by proceeds from the EIDL loan

4 – 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.

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