{"id":2215,"date":"2020-04-14T08:00:34","date_gmt":"2020-04-14T13:00:34","guid":{"rendered":"https:\/\/staging.lqd.cliquedomains.com\/?post_type=insights&#038;p=2203"},"modified":"2020-05-19T09:38:41","modified_gmt":"2020-05-19T14:38:41","slug":"what-sba-relief-program-is-best-for-your-business","status":"publish","type":"insights","link":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/","title":{"rendered":"What SBA Relief Program Is Best For Your Business?"},"content":{"rendered":"<p>The Small Business Association (SBA) has deployed four major funding programs as part of the CARES Act. These programs are available to businesses in providing support and various resources in overcoming the hardships small businesses are facing during the COVID-19 crisis.\u00a0 The four major programs focusing on relief throughout the pandemic is the Paycheck Protection Program (PPP), EIDL Loan Advance, SBA Express Bridge Loan and SBA Debt Relief program.\u00a0 Each program focuses on different funding needs, has different requirements and supports different relief efforts.\u00a0 All the programs are outlined below as additional support and a resource guide to businesses and business owners to help select which funding the right fit for their needs. \u00a0Businesses are eligible to apply to all of the SBA relief programs.<\/p>\n<p><strong><u>Paycheck Protection Program<\/u><\/strong><\/p>\n<p>The Paycheck Protection Program (PPP) is a forgiveness loan to help employers keep their employees paid and benefits covered while also being able to keep up with rent\/mortgage payments and utilities.\u00a0 This program is accepting applications through June 30<sup>th<\/sup>, 2020 and is available to businesses with under 500 employees, with limited exceptions.\u00a0 Here are some highlights on the program:<\/p>\n<ul>\n<li>Interest Rate: 1%<\/li>\n<li>Loan Size: 5 times the average one month of payroll and benefits costs capped at an annualized rate $100,000 per employee<\/li>\n<li>Used for: Payroll, employee benefits, rent, mortgage interest and utilities<\/li>\n<li>Loan Forgiveness: The amount spent on payroll (within the same cap listed above), rent, mortgage interest, and utilities during the 8 weeks after funding will be forgiven<\/li>\n<\/ul>\n<p>For more information on this program please visit the <strong><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program-ppp\">SBA PPP page<\/a>.<\/strong><\/p>\n<p>*Please note this program is currently unavailable until additional funding is acquired.\u00a0 An update will be given with information when new funds become available for this program.<\/p>\n<p><strong><u>EIDL Loan Advance<\/u><\/strong><\/p>\n<p>For businesses experiencing a temporary loss of revenue due to the COVID-19 pandemic, the EIDL Loan Advance program provides vital funding support to small businesses nationwide up to the amount of $10,000.\u00a0 These funds will be available to businesses within just a few days upon application approval and businesses\/companies with less than 500 employees are eligible to apply for the EIDL Loan Advance.\u00a0 Here are some highlights on the program:<\/p>\n<ul>\n<li>Interest Rate: 0%<\/li>\n<li>Loan Size: Up to $10,000<\/li>\n<li>Used for: Loss of revenue during COVID-19 pandemic<\/li>\n<li>Loan Forgiveness: Yes, this loan advance will not be repaid<\/li>\n<li>Note if received the $10,000 will be netted off any PPP loan proceeds the business may be eligible for<\/li>\n<\/ul>\n<p>For more information on this program please visit the <strong><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/economic-injury-disaster-loan-emergency-advance\">SBA EIDL Loan Advance page.<\/a><\/strong><\/p>\n<p><strong><u>SBA Express Bridge Loan<\/u><\/strong><\/p>\n<p>Many businesses have a previously existing relationship with the SBA.\u00a0 For businesses with preexisting relationships, they are eligible for a $25,000 express bridge loan with an expedited turnaround time compared to some of the other SBA COVID-19 relief programs.\u00a0 These loans are vital in providing economic support to small businesses experiencing a temporary loss of revenue.\u00a0 As this loan sounds similar to the EIDL Loan Advance program, they are very different as you must pay back this bridge loan in full and the funding amounts are different. \u00a0Here are some of the highlights on the program:<\/p>\n<ul>\n<li>Interest Rate: 5%-6.5%<\/li>\n<li>Loan Size: $25,000<\/li>\n<li>Used for: Loss of revenue<\/li>\n<li>Loan Forgiveness: No<\/li>\n<\/ul>\n<p>For more information on this program please visit the <strong><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/sba-express-bridge-loans\">SBA Express Bridge Loan page.<\/a><\/strong><\/p>\n<p><strong><u>SBA Debt Relief<\/u><\/strong><\/p>\n<p>The SBA Debt Relief program is a multitude of programs implemented through the CARE Act by the SBA.\u00a0 These debt relief efforts will cover principal payments, interest and fees of current 7(a), 504 and microloans for a period of six months as well as new 7(a), 504 and microloans before September 27<sup>th<\/sup>, 2020.\u00a0 For current SBA Serviced Disaster Loans that are in \u201cregular service\u201d as of March 1, 2020, the SBA will also provide automatic deferments through the end of 2020.\u00a0 The deferments will not cancel any established preauthorized debit or recurring payments on your loan and interest will continue to accrue on the loan.\u00a0 After the deferment period, business, as usual, will occur and payment installments will be in place on your existing loan.<\/p>\n<p>For more information on this program please visit the <strong><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/sba-debt-relief\">SBA Debt Relief page.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Small Business Association (SBA) has deployed four major funding programs as part of the CARES Act available to businesses to support businesses nationwide with various resources depending on what hardships are faced during the COVID-19 crisis.\u00a0 All the programs are outlined below as additional support and a resource guide to businesses and business owners to help select which funding the right fit for their needs.<\/p>\n","protected":false},"author":4,"featured_media":0,"template":"","insight_categories":[19,21],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What SBA Relief Program Is Best For Your Business? -<\/title>\n<meta name=\"description\" content=\"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What SBA Relief Program Is Best For Your Business? -\" \/>\n<meta property=\"og:description\" content=\"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/\" \/>\n<meta property=\"og:site_name\" content=\"LQD Business Finance\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-19T14:38:41+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/\",\"url\":\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/\",\"name\":\"What SBA Relief Program Is Best For Your Business? -\",\"isPartOf\":{\"@id\":\"https:\/\/lqdfinance.com\/#website\"},\"datePublished\":\"2020-04-14T13:00:34+00:00\",\"dateModified\":\"2020-05-19T14:38:41+00:00\",\"description\":\"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance\",\"breadcrumb\":{\"@id\":\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/lqdfinance.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"What SBA Relief Program Is Best For Your Business?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/lqdfinance.com\/#website\",\"url\":\"https:\/\/lqdfinance.com\/\",\"name\":\"LQD Business Finance\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/lqdfinance.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/lqdfinance.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/lqdfinance.com\/#organization\",\"name\":\"LQD Business Finance\",\"url\":\"https:\/\/lqdfinance.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/lqdfinance.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/lqdfinance.com\/lqd\/2020\/03\/logo-scaled.jpeg\",\"contentUrl\":\"https:\/\/lqdfinance.com\/lqd\/2020\/03\/logo-scaled.jpeg\",\"width\":2560,\"height\":2560,\"caption\":\"LQD Business Finance\"},\"image\":{\"@id\":\"https:\/\/lqdfinance.com\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"What SBA Relief Program Is Best For Your Business? -","description":"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/","og_locale":"en_US","og_type":"article","og_title":"What SBA Relief Program Is Best For Your Business? -","og_description":"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance","og_url":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/","og_site_name":"LQD Business Finance","article_modified_time":"2020-05-19T14:38:41+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/","url":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/","name":"What SBA Relief Program Is Best For Your Business? -","isPartOf":{"@id":"https:\/\/lqdfinance.com\/#website"},"datePublished":"2020-04-14T13:00:34+00:00","dateModified":"2020-05-19T14:38:41+00:00","description":"The SBA has deployed four major funding programs as part of the CARES Act giving various resources during the COVID-19 crisis. - LQD Business Finance","breadcrumb":{"@id":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/lqdfinance.com\/insights\/what-sba-relief-program-is-best-for-your-business\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/lqdfinance.com\/"},{"@type":"ListItem","position":2,"name":"What SBA Relief Program Is Best For Your Business?"}]},{"@type":"WebSite","@id":"https:\/\/lqdfinance.com\/#website","url":"https:\/\/lqdfinance.com\/","name":"LQD Business Finance","description":"","publisher":{"@id":"https:\/\/lqdfinance.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/lqdfinance.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/lqdfinance.com\/#organization","name":"LQD Business Finance","url":"https:\/\/lqdfinance.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/lqdfinance.com\/#\/schema\/logo\/image\/","url":"https:\/\/lqdfinance.com\/lqd\/2020\/03\/logo-scaled.jpeg","contentUrl":"https:\/\/lqdfinance.com\/lqd\/2020\/03\/logo-scaled.jpeg","width":2560,"height":2560,"caption":"LQD Business Finance"},"image":{"@id":"https:\/\/lqdfinance.com\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/insights\/2215"}],"collection":[{"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/insights"}],"about":[{"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/types\/insights"}],"author":[{"embeddable":true,"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/users\/4"}],"wp:attachment":[{"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/media?parent=2215"}],"wp:term":[{"taxonomy":"insight_categories","embeddable":true,"href":"https:\/\/lqdfinance.com\/data\/wp\/v2\/insight_categories?post=2215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}