COVID-19 Resources for Small BusinessesSBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application On May 15, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. Click here to view SBA release and link to the application and instructions.
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U. S. Department of Labor issues guidance on the Families First Coronavirus Response Act that takes effect on April 1, 2020. For businesses with fewer than 500 employees, the legislation provides funding, via tax credits, for additional paid sick leave and expanded FMLA benefits for employees impacted by COVID-19. (March 25, 2020)
Small Business Administration Economic Injury Disaster Loans – low interest loans for businesses impacted by COVID-19. These loans are administered directly from the SBA. You can now include a request to receive a $10,000 cash advance when you apply. The cash advance functions as a grant and is not required to be repaid to the SBA, whether you are approved or denied.
SBA Express Bridge Loans 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 a term loans or used to bridge the gap while applying for a direct SBA Economic Injury 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 Express Disaster Bridge Loan.
LoanUp Program – Kansas City Economic Development Corporation continues to offer revolving loan funds to small businesses that have previously been turned down by a financial institution. During these challenging times, monthly loan payments are flexible.
SBA Administrator Guzman Enhances COVID Economic Injury Disaster Loan Program to Aid Small Businesses Facing Challenges from Delta Variant – Increased Loan Cap to $2 Million, Expanded Use of Funds to Pay and Prepay Business Debt, Streamlined Review Processes, and Deferred Payments; First Approval and Disbursement of Loans of $500,000 or Less Also Introduced.
Small Business Administration Economic Injury Disaster Loans – low interest loans for businesses impacted by COVID-19. These loans are administered directly from the SBA. You can now include a request to receive a $10,000 cash advance when you apply. The cash advance functions as a grant and is not required to be repaid to the SBA, whether you are approved or denied.
SBA Express Bridge Loans 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 a term loans or used to bridge the gap while applying for a direct SBA Economic Injury 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 Express Disaster Bridge Loan.
LoanUp Program – Kansas City Economic Development Corporation continues to offer revolving loan funds to small businesses that have previously been turned down by a financial institution. During these challenging times, monthly loan payments are flexible.
SBA Administrator Guzman Enhances COVID Economic Injury Disaster Loan Program to Aid Small Businesses Facing Challenges from Delta Variant – Increased Loan Cap to $2 Million, Expanded Use of Funds to Pay and Prepay Business Debt, Streamlined Review Processes, and Deferred Payments; First Approval and Disbursement of Loans of $500,000 or Less Also Introduced.