In addition to state-specific loan funds and the Paycheck Protection Provision loans mentioned in the “Federal Coronavirus Stimulus Package”, the SBA has activated two loan programs which can be of assistance to businesses.
SBA Express Loans provide up to $25,000 with quick processing (in some cases just several days). Applications are made with SBA-approved lenders, repayment term is 7 years. For full details or to apply, visit their site here: https://www.sbaexpress.loans/
SBA Disaster Loans provide up to $2M to businesses and nonprofits. A credit score of at least 560 is required of all 20% owners. Repayment term is 30 years. These loans can also be processed quickly, generally within about a month. For full details or to apply, visit their site here: https://www.sba.gov/funding-programs/disaster-assistance
If you need any assistance in determining which loan may be better for your specific situation, please don’t hesitate to contact your Faw Casson advisor.