COVID-19 Guidance for Small Businesses

Apr 21, 2020
COVID-19 Guidance for Small Businesses

COVID-19 Guidance for Small Businesses

 

Resources for Small Businesses 

 

The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Assistance includes:

 

·     Funding: SBA 7(a), 504 and microloans, on which the SBA is offering Debt Relief; or, SBA Express Bridge Loans.

·     Advising: The SBA Resource Partner Network for business resiliency readiness advising, and training.

·     Tax Relief: IRS information about tax relief for businesses.

·     California COVID-19 guidance and resources: Emergency resources for California businesses.

 

 

SBA processed more than 14 years’ worth of loans in under 14 days

 

You need to reapply for the Economic Injury Disaster Loan Advance if you applied before March 30th, or mailed, faxed, uploaded, or emailed your EIDL application. 

 

The Paycheck Protection Program and Economic Injury Disaster Loans are saving millions of jobs, providing much-needed relief, and helping America’s small businesses make it through this challenging time. 

 

The SBA is currently not accepting new applications for the Paycheck Protection Program due to a lapse in appropriations.

 

Also, the SBA is not accepting new applications for the Economic Injury Disaster Loan (EIDL) COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who already submitted their applications will continue to be processed on a first-come, first-served basis. 

 

As of April 16, California had 112,967 approved PPP loans for a total of more than $33.4 billion.

 

See all PPP loan data.

 

 

SBA's Economic Injury Disaster Loan and Loan Advance Status Checks and More 

 

·     Please contact the Disaster Customer Service Center at: 1-800-659-2955 or TTY: 1-800-877-8339 for status checks.

·     SBA District Offices do not have access to the disaster loan processing systems, so we cannot check your application status.

·     The EIDL application system does not send a confirmation email.

·     You will receive an email or postal letter from an SBA disaster loan processing representative when they are ready to work with you on your loan application. Be sure the email is coming from an email address with the ending "@sba.gov".

·     Existing EIDL applications are being processed in the order in which they were received. We do not have a timeline for the processing and disbursement of the EIDL and Loan Advance.

·     EIDL Advances are in the process of being disbursed as of Friday, April 10th.

·     EIDL Advances are based on number of employees - $1,000 per employee up to $10,000. Businesses with (0-1 employee) will receive $1,000.

 

 

Paycheck Protection Program Status Checks and Information Resources 

 

·     Approved lending institutions have delegated authority for the PPP application process. Contact your lender for status information about your application.

·     SBA District Offices are not involved in the application process and cannot provide status information on your PPP loan application.

·     SBA and the Treasury are in the process of reviewing PPP questions from lenders and borrowers. Responses are being posted regularly on the SBA's PPP page and the Treasury.gov/CARES site in category specific documents, such as Applicable Affiliation Rules, and FAQs for Faith-Based Organizations or in the Frequently Asked Questions document.

·     SBA District Offices are not authorized to provide responses to situation specific questions that have not already been posted to the FAQ document or other documents on the SBA's PPP page or Treasury.gov/CARES site.

·     We encourage you to:

·     Follow the rules as they are currently posted.

·     Document all transactions as they pertain to your use of the PPP funds you have received.

·     Review the information posted on the sites linked above regularly.

·     Adjust your processes if needed as new information becomes available.

 

 

Beware of Scams and Fraud Schemes

 

The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.

 

Report any suspected fraud to OIG’s Hotline at 800-767-0385 or online.

 

 

Stay updated 

 

Visit sba.gov/coronavirus for updates on the loan programs, guidance for businesses and employers, and other SBA resources.

Posted in COVID-19 Resource.