In addition to the paycheck protection program, the SBA has established a number of other initiatives in response to the Coronavirus pandemic. The COVID-19 Economic Injury Disaster Loan provides small businesses with working capital loans up to $2 million, providing vital economic support to small businesses in overcoming the temporary loss of revenue they are experiencing. SBA Express Bridge Loans allow small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork.
SBA Debt Relief measures also mean that the SBA will pay all principal and interest expenses on existing loans for 6 months and all loans issued before 27th September 2020. Even if you aren’t eligible for a loan through the paycheck protection program these initiatives mean costs are reduced with standard small business loans.