March 27, 2020 – The programs, debt relief and grants provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act recently passed by Congress direct the Small Business Administration (SBA) to administer a variety of funding options for small and medium-sized businesses impacted by COVID-19.
The SBA Loan Specialists at Dopkins & Company, LLP are prepared to assist business owners in determining the best emergency loan program, navigating the application process, and assisting you with your compliance with the terms and conditions of the emergency loan programs.
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Loan amounts, eligibility, terms and requirements vary by program. The Dopkins SBA Loan Specialists are up-to-date on the latest developments and we encourage all business owners to consult with us when considering the following SBA Emergency Loan Programs:
- The Paycheck Protection Program Loans
- Small Business Debt Relief Program
- Economic Injury Disaster Loans (EIDL) and Emergency Economic Injury Grants
Currently, the only SBA loan program readily available is the EIDL program administered directly through the SBA Disaster website at https://disasterloan.sba.gov/ela/ These loans are processed on a first-come, first serve basis.
Under the CARES Act, the SBA will administer SBA 7a loans up to $10 million to businesses to cover payroll and certain expenses. These loans will be funded through SBA lenders (banks and non-banks), not directly through the SBA as is the case with the EIDL program. We expect to be able to continue to help our clients through this application process. The lenders anticipate the SBA having this program implemented within the next few days.
For more information, please visit our Securing Capital & Financing section of our COVID-19 Business Resource Center,
The Dopkins SBA Loan Specialists: