Financial Help for Small Businesses

Due to the COVID-19 outbreak, America's small businesses are facing unique economic difficulties. President Trump signed into law the CARES Act, on Friday, March 27, 2020. This Act contains $376 billion in relief for small businesses and workers. This allowed the U.S. Small Business Administration (SBA) to create multiple funding options for small businesses seeking financial support and relief during the COVID-19 crisis. Some of the current resources available include:

• Economic Injury Disaster Loan (EIDL)
• EIDL Loan Advance could provide up to $10,000. This advance will not have to be repaid.
• Paycheck Protection Program established to support small businesses in an effort to enable them to keep employees employed during the COVID-19 pandemic.
• SBA Express Bridge Loans may entitle small businesses to access up to $25,000 quickly.
• SBA Debt Relief provides a financial pardon to small businesses during the COVID-19 pandemic.

Click Here to Watch Webinar about all the above listed resources.

For specific questions about applying for any assistance program, contact the local SBDC office in Albany