According to the Small Business Administration themselves, they are now “solely focused” on economic recovery efforts. However, they are overwhelmed by the response, and if you desire help with applying and following up on the status of your loan,
SBA Loan Aid is here to help.
We take care of your application paperwork,
facilitate the loan interaction with the SBA, and
ensure rapid acquisition of your funds;
safeguarding that your business does not falter.
One phone call away, at 415.850.8370, Aid is on the way!
While funds have been re-authorized for the S.B.A. on Friday 24th, and agricultural businesses are allowed to apply, the application process has yet to open up to most small business owners. However, we suggest to continue to plan - and move forward with SBA Loan Aid, allowing us to be first in line on your behalf when funds are renewed, expediting the funds you need and deserve.
As of May 6th, this is the message from the Small Business Administration:
Help on the Way
March 21, 2020
2020 Tax Filing Day is now July 15th, 2020.
March 12, 2020
SBA to utilize EIDL program to provide COVID-19 Loans
We anticipate that shortly once again, small business owners in all U.S. states and territories will be eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
The S.B.A. is working directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19), providing small businesses with working capital loans that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
SBA Loan Aid works directly with the S.B.A. to work on your behalf to keep your business afloat and thriving.
March 27, 2020
March 27, 2020
IRS to send direct Relief payments to Americans.
March 27, 2020
April 3, 2020
Applications for Payroll Protection Program begin through approved lenders.
April 16, 2020
April 21, 2020
Deal reached for refunding EIDL and PPP programs.
April 24, 2020
The latest Economic Relief package is signed to replenish the EIDL and PPP programs.
May 4, 2020
The SBA opens EIDL applications for agriculture
S.B.A. Disaster Assistance in Response to the Coronavirus
Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).
The U.S. Small Business Administration is offering states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Due to all state's and territory's Governors having individually requested, S.B.A. will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
Any such Economic Injury Disaster Loan assistance declaration issued by the S.B.A. makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). This will apply to current and future disaster assistance declarations related to Coronavirus.
S.B.A.’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of Coronavirus' economic impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
S.B.A. offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
S.B.A.’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.