Updated Information on Small Business Lending (including when the application for PPP opens) is posted here.
Pennsylvania has been declared eligible for the U.S. Small Business Administration’s Economic Injury Disaster Loan Program (EIDL).
This loan program offered to for profit and nonprofit businesses to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Interested applicants MUST apply online through this link. The application window expires on September 30, 2020. Here is an overview we shared from an earlier webinar on the EIDL loan program.
Paycheck Protection Program (PPP)
This loan has the ability to have the majority of the loan, if not all, forgiven. We anticipate this application round will open Friday, April 3, but that is subject to change by the SBA. This program is geared to assist small businesses keep workers employed amid the pandemic and economic downturn. Although the program is open until June 30, 2020 the U.S. Treasury encourages businesses to apply as quickly as you can because there is a funding cap and lenders need as much time as possible to process the loan. Local lending institutions, banks and credit unions will process these applications on behalf of the SBA.
- Read a quick overview here
- Read a Guide on the PPP here
- Click here for the Paycheck Protection Program Info Sheet – helpful Information for borrowers
- Click here for the Paycheck Protection Program Application – prepare for the opening of applications
- Click here for the Small Business Owner’s Guide to CARES Act – overview of programs and resources