SBA COVID-19 RELIEF
***Please get your applications in as soon as possible. We are anticipating large queues with the SBA due to the number of applications***
***We are currently only accepting applications for loans of $100,000 or greater.***
***Please check your spam folder. We respond to all inquiries in 24 hours or less!***
SBA 7(a) Paycheck Protection Program Loan
The following are the aspects of the Paycheck Protection Plan as we have interpreted in the CARES Act. These are subject to change upon guidance from the SBA and the U.S. government.
Who Is Eligible? Any of the following as of 03/27/2020
Small businesses, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees, or the applicable size standard for the industry as provided by SBA, if higher.
Sole-proprietors, independent contractors, and other self-employed individuals as eligible for loans.
Businesses with more than one physical location qualify so long as total combined employees are below 500 employees (unless the businesses operated under NAICS code beginning with 72) or otherwise meet the SBA’s size standard based on NAICS code.
Waives affiliation rules for businesses in the hospitality and restaurant industries, franchises that are approved on the SBA’s Franchise Directory, and small businesses that receive financing through the Small Business Investment Company (SBIC) program.
Applies current SBA affiliation rules to eligible nonprofits.