SBA Economic Injury Disaster Loan program: Virginia received a statewide Economic Injury Disaster Loan declaration from the U.S. Small Business Administration (SBA). Small businesses and non-profit organizations located throughout the state can now apply for a loan of up to $2 million from the SBA to pay fixed debts, payroll, accounts payable, and other expenses.
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 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be 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 Economic Injury Disaster Loan, they may qualify for an SBA.
Paycheck Protection Program: is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses.
If all employees are kept on payroll for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan is forgivable.
Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits: The CARES Act allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help organizations understand what to expect and prepare to file for a loan.