Small Businesses Can Get Federal Assistance

The U.S. Small Business Administration’s (SBA) current relief efforts can be found at sba.gov/coronavirusrelief.

Paycheck Protection Program: The SBA is no longer accepting applications for the Paycheck Protection Program (PPP) after providing $798 billion in economic relief to small businesses and nonprofits. Loan recipients still can apply for loan forgiveness, but deadlines for some recipients are coming up. For more information, click here.

COVID-19 disaster loans: The SBA increased the maximum amount small businesses and nonprofit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. The SBA raised the loan limit for the COVID-19 EIDL program from six months of economic injury with a maximum loan amount of $150,000 to up to 24 months of economic injury with a maximum loan amount of $500,000. Also, the SBA extended deferment periods for all disaster loans, including the EIDL program, until 2022.