Small Business Administration Disaster Loans Support

Small Business Administration Disaster Loan Support Guidance and Resources

U.S. Small Business Administration (SBA) has an existing program, the Economic Injury Disaster Loan program, which transfers disaster relief loans to small businesses, including nonprofits, to help alleviate the economic damage caused by disasters.

On Thursday, March 12, 2020, the SBA announced that the program would be available for cases from COVID-19.

The SBA will work with government officials to provide loans of up to $ 2 million. These loans can be used to repay fixed loans, mortgages, accounts payable and other debt that may not be repaid because of the impact of the disaster. The interest rate is 3.75% for small businesses out of debt; 2.75%. “

California is already eligible as the appropriate destination for this program.

For details and information, see here. See also, Disaster Relief Loans Available from Small Businesses of San Diego County.

Apply online through the secure SBA Loan Aid website. For application details, please 1-800-659-2955 or email [email protected].

Definition of Small Business: The benefits of being a small business are sometimes overlooked because the competitive environment is competitive with large companies.

The legal definition of “small business” varies by country and industry. In addition to the number of employees, the methods used to classify small companies include annual sales (net income), net profit margin assets (balance sheet), alone or as a combination of factors.

Many small businesses are exclusively commercial activities for the owner, but small businesses can also have a small number of additional employees. Some small businesses offering an existing product, process or service, may not grow as their primary purpose.

The last version of the Paycheck Protection Program (PPP) is due on June 30

Small Business Administration Disaster Loans Support

The Chambers of Commerce in the County wants to inform small business that the loan amounted to the PPP has been approved and there is still money to be disbursed. If you are a small business and have not applied for a loan in the past, you may want to reconsider now. Many community banks have been open to all businesses with these loans. Likewise, if you have already received a PPP you may qualify for a second round of funding.

U.S. Small Business Management Opens the EIDL Portal

Emergency Management Loans loans have also been repaid to small businesses, up to $ 150,000 in nonprofits and $ 2M for small businesses. These loans can be a great way to make sure that your business is made up of capital to reopen and settle in the recovery phase of our local economy.

SBA’s COVID-19 Economic Enjury Disaster Loan (EIDL) and EIDL Advance

  • SBA provides low-interest-rate federal loans to small businesses and nonprofit organizations that carry significant economic damage due to COVID-19 in all U.S. states, Washington D.C., and states.
  • These loans can be used to pay down debts, mortgages, accounts payable and other debt that may not be repaid as a result of a disaster, and which are not covered by the Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The non-profit interest rate is 2.75%.
  • To keep payments affordable for small businesses, SBA offers loans with long-term repayment terms, up to 30 years. Also, the first payment is limited to one year.
  • In addition, small businesses and nonprofits may request, as part of their loan application, an EIDL Advance of up to $ 10,000. EIDL Advance is designed to provide emergency assistance to businesses currently experiencing temporary loss of revenue.
  • These advances will not require refunds, and even small businesses may receive early or disallowed loans.
  • The SBA of the EIDL and EIDL Advance is just one piece of the increased focus of the integrated government response.
  • SBA also assists small businesses and nonprofits with access to a joint loan forgiveness program, Paycheck Protection The program, currently accepting applications until June 30, 2020.
  • Visit SBA Website

Support Small Business

Support small businesses: SBA and state loans will be needed for recovery

Small businesses are closing down due to the outbreak of COVID-19. They need help to survive and eventually rebuild. Small businesses are major job creators in the United States and should be supported.

State and federal governments should speed up loans to finance businesses until the virus subsides.

Gov. Tom Wolf on March 18 called on the Federal Business Administration to assist small businesses with loans. That request was approved the next day. The SBA loan could mean up to $ 2 million per person for the businesses involved.

Small businesses employ about 60 million people in the United States. That’s a bunch of workers. Congress must add additional resources to the SBA agency immediately, whether in the COVID-19 relief bill or subsequent legislation.

The most comprehensive provision of the bill currently under consideration provides assistance to large companies; lawmakers should not forget small businesses.

In addition, government business loans must be made available at low interest rates to the small businesses involved – many of them.

One of those options is a $ 61 million emergency fund through the Pennsylvania Energy Development Authority. Funding will be facilitated by the Small Business Program. Getting this fund should be a top priority for government officials. Other ideas deserve consideration.

An official of one organization plans to introduce additional rules to create a personal loan fund. If it is deemed feasible, then Sen.’s request. Tom Killion, R-Middletown, should be supported. It would pay $ 125 million in loans on casino revenues. While the casinos are currently closed, they will be back when the grief is over.

Citizens can play their part in supporting small businesses during this time by ordering food from local restaurants or ordering products online from businesses.

Small businesses are the cornerstone of the country’s economy. Now is the time to help them live and thrive again.

Small Business Administration (SBA) Loans

Borrowing SBA lenders enable BOK Finance to provide creative loan options with better flexibility, such as lower interest rates, longer repayment terms, less reliance on affiliate or long-term loans.

Power of SBA Loans – SBA loan options

Small Business Administration Disaster Loans Support

SBA 7(a)

Ideal for:

  • Buying a business
  • Partner buy-out
  • Debt refinance
  • Purchasing commercial real estate
  • Purchasing equipment
  • Line of credit

Terms:

  • Up to 10-years for non-real estate
  • Up to 25-years for commercial real estate

SBA 504

Ideal for:

  • Purchasing commercial real estate
  • Renovations on commercial real estate
  • Completing ground up construction of commercial real estate
  • Refinancing commercial real estate
  • Purchasing heavy equipment

Loan Amount:

  • Total project size is uncapped

Terms:

  • Up to 20 or 25 years for commercial real estate
  • Up to 10 years for heavy equipment

Small Business Administration Disaster Loans Support

Why SBA?

Aside from what you can hear, the SBA loan process improved considerably over the years, and it looks very similar to the non-SBA loan process. And there are more than 58 billion businesses accessing SBA loans in 2019, with more than $ 30 million for SBA projects; available evidence of the effectiveness of SBA loan programs.

Why BOK Finance?

Financial BOK is followed by the Preferred SBA Lender, which means we handle our loans as a home loan without dealing with the SBA, thus providing a smooth process for you and your credit.

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