US SBA Resources

SBA en español -Opciones de asistencia por coronavirus

Para ayudarle a superar los retos de esta crisis de salud, aquí estamos con varias opciones de financiamiento para quienes buscan ayuda. Lea más a continuación.

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SBA Economic Injury Disaster Loan

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).

SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations. If you have already applied via the streamlined application portal, please do not resubmit your application.

Purpose:
To meet financial obligations and operating expenses that could have been met had the disaster not occurred
Terms:
3.75% for businesses (fixed)
2.75% for nonprofits (fixed)
30 years No pre-payment penalty or fees
Use of Proceeds:
Working capital & normal operating expenses Example: continuation of health care benefits, rent, utilities, fixed debt payments.
Collateral Requirements:
Required for loans over $25,000
SBA uses a general security agreement (UCC) designating business assets as collateral, e.g. machinery and equipment, furniture and fixtures, etc.
Forgivable
NO – EIDL Loan
YES – EIDL Advance*
*Advance funds have been fully allocated and are not currently available
Maturity
30 years
Payments
Deferred 1 year; interest still accrues Borrower may make payments if they choose to do so.

Set up online payments through Pay.gov OR mail payments to:
U.S. Small Business Administration
721 19th Street Denver, CO 80202
Be sure to include EIDL loan number on mailed-in checks.



Link to SBA EIDL here

Department of the Treasury’s OIG released reporting requirements for CRF recipients

Department of the Treasury’s OIG released reporting requirements for CRF recipients: On July 2, Department of the Treasury’s Office of Inspector General (OIG) released a memorandum with instructions for recipients of the CARES Act’s Coronavirus Relief Fund (CRF). The OIG memorandum provides instructions for CRF recipients for record keeping and reporting. As stated in the CARES Act, Treasury’s OIG is responsible for monitoring and oversight of the CRF payments. Please note that the first quarterly report is due on July 17. For questions on the memorandum or for help with the reporting requirements please contact Treasury OIG at [email protected]

Link to the Memorandum here

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan. Terms Up to $25,000 Fast turnaround

Link to SBA Bridge Loans here

SBA Debt Relief

As part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:

For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.

SBA has notified 7(a), 504 and Microloan Lenders that it will pay these borrower loan payments. Lenders have been instructed to refrain from collecting loan payments from borrowers. If a borrower's payment was collected after March 27, 2020, lenders were instructed to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after SBA's payment.

Borrowers should contact their lender if they have any questions regarding this payment relief.


Link to SBA Debt Relief here