UNDERSTAND YOUR SBA LOAN OPTIONS
As a result of the Coronavirus Action Relief and Economic Security (CARES) Act, $376 million of economic relief was authorized to help small businesses remain open amid the COVID-19 pandemic.
Through the CARES Act, the Small Business Administration (SBA) established new, temporary funding programs for small businesses.
Federal Update: On April 23, Congress passed the Paycheck Protection Program and Health Care Enhancement Act. The additional funding of the SBA programs will provide vital support to Arizona businesses and employees at this time.
The additional federal funding that passed the U.S. Senate and U.S. House of Representatives includes continued support for programs that will ensure that businesses of all sizes can stay operational through this crisis and into the anticipated economic recovery.
Specifically, the package provides $484 billion to small businesses and hospitals, providing reassurances that businesses need to keep employees on their payroll and that hospitals need to keep their doors open. Of the $484 billion in additional support, $321 billion will be allocated to the PPP loan program.
What are the programs available to small businesses through the SBA?
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the COVID-19.
The new SBA programs include the following:
Paycheck Protection Program (PPP)
Economic Injury Disaster Loan (EIDL) Advance
SBA Express Bridge Loans
SBA Debt Relief
How do I know which funding program is best for my business or my situation?
This is a decision that is best made in consultation with your financial advisor and your lender. To help get you started, view these resources:
What else should I know about the PPP?
The PPP is intended to provide small businesses with the resources and ability to retain their employees, with the ability to potentially not pay back any of the loan(s).
The Arizona Bankers Association developed an easy guide for your business to understand how the PPP works in Arizona. Download the local guide >
How do I know which local banks are approved SBA lenders?
How do I know how much of a loan my business needs?
The Arizona Commerce Authority worked with partners to create a loan calculator to help you determine your PPP loan amount. The calculator can also help you determine what portion of your loan might qualify for loan forgiveness.
Am an independent contractor or sole proprietor, what should I know about the economic relief options?
If you are an independent contractor or self-employed worker, you can also apply for a PPP Loan. Independent contractors and self-employed individuals (sole proprietors) may apply for PPP Loans starting on April 10. Learn more >