Small Business Administration (SBA) Loans and Programs Available for Small Businesses Impacted by COVID-19
SBA’s Paycheck Protection Program (work with SLB directly to access this program relief)
Congress has passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES), which includes the Paycheck Protection Program. This program is intended to provide capital to small businesses to help them meet their ongoing expenses such as payroll and other costs. Loans are made by Silver Lake Bank with a 100% guarantee by the federal government.
- The covered loan period is February 15, 2020 thru June 30, 2020. A loan forgiveness amount will be dictated by the operational costs during the covered loan period.
- Proceeds may be used for operational costs such as payroll, mortgage interest, rent and utilities.
- Businesses with less than 500 employees are eligible.
- No SBA guarantee fees will be charged.
SBA’s Economic Injury Disaster Loan Program (access this program directly through the SBA)
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans to help overcome a temporary loss of revenue from declared disasters such as COVID-19. This applies to businesses located in the state of Kansas. For this program, you can apply online directly through the SBA. To learn more or complete an application, click here.
For information on additional SBA Relief Programs, click here for their COVID-19 Small Business Guidance and Loan Resources.