Government Loan Benefits for Small Businesses Through the Payment Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL) (May Cover Eligible Independent Contractors and Firm Owners):

* May include ADD groups

The United States Small Business Administration (SBA), in conjunction with the third Stimulus Package (CARES Act) that was signed into law on March 27, 2020, has announced plans to coordinate with states to provide low-interest loans to small businesses and nonprofit organizations that have be greatly impacted by COVID-19 through its newly created Payment Protection Program (PPP).
PPP simple explanation from US Chamber

To apply for a loan through the PPP, eligible borrowers should contact a registered SBA lender to start the application.

For more detailed information regarding the Payment Protection Program (PPP), please visit the U.S. Committee on Small Business & Entrepreneurship’s PPP FAQs.

***Link to SBA PPP application

Please visit the small business loan opportunities to explore other options provided by the SBA.

The SBA also offers the Economic Injury Disaster Loan Program (EIDL), which is the primary form of Federal assistance for the repair and rebuilding of non-farm, private sector disaster losses due to COVID-19. EIDL’s can provide up to $2 million of financial assistance to small businesses or private, non-profit organizations that incurred substantial economic injury as a result of the COVID-19 disaster, regardless of whether the applicant sustained physical damage. The actual loan amounts offered by the program are based on amount of economic injury.

Information of Emergency Injury Disaster Loan Assistance (EIDL) Click here

Option:
• Disaster loan opportunities to find options provided by the SBA through its Economic Injury Disaster Loans Program (EIDL).
• U.S. Chamber of Commerce Small Business Checklist and Guide
• Additional disaster relief opportunities

The Lawyers with Good Government Foundation also announced that 34 law firms in 30 cities across the U.S. will offer remote legal clinics to advise small business owners on stimulus bill benefits and coronavirus-related issues; Interested small business owners can sign up to be notified when a clinic becomes available in their city.

**Please note that the information provided includes condensed summarizations, descriptions, or opinions about recently enacted statutes. The information is not intended, nor should it be construed, to be legal advice. Members with needs or questions concerning the specific issues mentioned should seek the guidance of competent counsel or should contact the appropriate federal agency.