The SBA has two loan programs for small businesses impacted by coronavirus.
Small business disaster loans are now available for those businesses impacted by coronavirus.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Apply for these loans directly from the SBA. You can apply for a disaster loan here.
The SBA offers bridge loans to businesses that have an existing relationship with the SBA to help provide quick cash until their disaster loan application gets processed.
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 a 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 Express Disaster Bridge Loan.