How to get started for a Paycheck Protection Program Loan:
To apply for a PPP loan, you must do so through an existing SBA 7(a) lender, federally insured institution or credit union. So start by calling the bank where you currently have your business accounts.
Idaho State University SBDC – ISU College of Business Building #5 Room 328 Pocatello, ID 83209-8020 208.244.8521
Source: Forbes.com There are four federal programs now open to businesses affected by the COVID-19 crisis:
The Paycheck Protection Program: This new program provides forgivable loans of up to $10 million to help businesses (and not-for-profits) with 500 or fewer employees keep their workers on the payroll. The loan can cover expenses including wages, rent, mortgage interest and utilities. The program is administered by the U.S. Small Business Administration (SBA) and is available through June 30, 2020. Loans are issued through private banks and backed by the government.
Economic Injury Disaster Loans(EIDL): Also administered by the SBA, these loans can provide up to $2 million to businesses with 500 or fewer employees for a loan term of up to 30 years. An advance of up to $10,000 is available to applicants, and it does not have to be repaid.
SBA Express Bridge Loans: These loans are only available to those with an existing business relationship with an SBA lender. They can give businesses quick access to up to $25,000.
SBA Debt Relief: For six months, the SBA will automatically pay the principal, interest and fees on current qualified loans and new qualified loans issued before Sept. 27, 2020. The SBA is also providing automatic deferments through Dec. 31, 2020 on any currently serviced disaster loans.