By Marlow Schindler, U.S. Small Business Administration
The SBA is responding to small business owners impacted by the Coronavirus with several different forms of assistance.
Last week the CARES Act was signed by President Trump. The Paycheck Protection Program (PPP) outlined in this stimulus package is not yet available. Lenders may begin processing loan applications as soon as April 3, 2020.
The SBA provides low-interest disaster loans directly to help businesses and homeowners recover from declared disasters. For this disaster, Economic Injury Disaster Loans are currently available throughout the state of California. You can get access to the online application and information about the SBA disaster loans here. The online application is now open.
Anyone who has already applied for EIDL should have received an email from SBA this week providing instructions on how to apply for the up to $10,000 EIDL advance. Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven.
If you wish to apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.
If you have questions about this application or problems providing the required information, please contact our Customer Service Center at 1-800-659-2955 or (TTY: 1-800-877-8339) DisasterCustomerService@sba.gov.
You may always reach out to your local Small Business Development Center, Women’s Business Center, Veteran’s Business Outreach Center or SCORE chapter to get paired with an advisor who can help you during this difficult time.
Assistant District Director for Lender Relations & Public Information Officer
San Francisco District Office
U.S. Small Business Administration
Check regularly at SBA’s page for Coronavirus Small Business Guidance