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
The US government has asked business owners to be on particular care from scammers looking to prey on times of uncertainty. If you receive calls, emails, or texts claiming to be from the Treasury Department or Small Business Administration offering COVID-19 related grants in exchange for personal financial information, or an upfront fee then do not respond. These are scams. Ensure that your communication is outbound and as a result from your paycheck protection program application yourself.
One of the first concerns from the business community was how the Small Business Administration would administer such a large program and help small businesses who are in need right now. The staff hire and training could have meant it was months before an SBA loan was actually issued. Thankfully the US Government has responded with this extraordinary private and public sector cooperation. SBA Administrator Jovita Carranza had this to say, “This unprecedented public-private partnership is going to assist small businesses