2nd round of SBA $ on the way

We have some good news to share!

The Senate passed a bill yesterday to inject an additional $484B into the SBA disaster loan and grant program. The House is expected to vote on Thursday, allowing funds to be swiftly available in the coming week.

• It provides a total of $484 billion in new spending, including $310 billion in new money for the Paycheck Protection Program.

• $60 billion (20%) of that amount is earmarked for smaller lenders.

• Half of that ($30 billion) will go to community development financial institutions (CDFIs) and small lenders with less than $10 billion in assets. This is designed to ensure more funding access to smaller and more rural organizations and those without strong banking relationships. 

• The bill also adds $50 billion more to the Economic Injury Disaster Loan (EIDL) program as well as $10 billion to the EIDL emergency grants program.

• Agricultural businesses can now apply for EIDL and the $10k emergency EIDL.

Self-employed, freelancers and independent contractors can now apply for PPP loans, and there are additional avenues for which to receive that support opening up. For those who don't have an existing relationship with a bank, consider these newly approved additional outlets such as Paypal, Intuit, Square, and Lendio. 

Aside from government funded financial support, there are a number of companies and organizations that are making grants and low interest loans available to small businesses. While this is certainly not an exhaustive list, these are some of the best round-ups and resources we’ve seen. 

• GrantSpace

• Tory Burch Foundation

• Red Backpack Fund

• Save Small Business Fund

• Kiva Loan Program

• Facebook Small Business Grants

• Hello Alice

• GoFundMe Small Business Relief Fund

• The Food & Beverage Industry Relief Fund

• Opportunity Fund

• SheaMoisture Minority Business Fund

Even if you’re not 100% sure you qualify, apply. It’s better to have your application in the system, even if you’re ultimately not chosen!

And remember to call your lenders to request support as well.

• Mortgage Relief - Call your mortgage company and request a forbearance. 

• Car Payment Deferment - You may also be able to defer your car payments.

• Student Loan Deferment - In addition to lowering the rate to 0% for 60 days, you can also defer payments. 

• Credit Card Payments - Yes, even your credit card company may be offering relief in the form of delayed payments, eliminating fees, and more.