COVID-19 LOAN OPTIONS

April 14, 2020 Home Page Comments Off on COVID-19 LOAN OPTIONS

Congressman Graves Urges Small Businesses to

Fill Out a Paycheck Protection Program

Application NOW

WASHINGTON, DC – Congressman Garret Graves (South Louisiana) announced that small businesses can now fill out an application to the Paycheck Protection Program for a forgivable loan to pay their employees during the COVID-19 crisis. Small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders beginning on April 3, 2020. Graves urges borrowers to apply as soon as possible because the program is subject to a funding cap.

 

  • For an overview of the program CLICK HERE
  • If you’re a lender, more information can be found HERE
  • If you’re a borrower, more information can be found HERE
  • The application for borrowers can be found HERE

 

The Paycheck Protection Program is the only program currently that has a Forgivable Component. Below is a list of other options available to compare and make the best choice for your business: COVID-19 Recovery Assistance Chart.

CORONA/COVID-19 OPTIONS
Paycheck Protection Program (PPP)
Economic Injury Disaster Loans (EIDL)
Louisiana Loan Portfolio Guaranty Program
SCPDC Corona Recovery Loan
Admin
Local Banks (approved by SBA)
SBA
LED, LBA, and LPFA
SCPDC
Eligibility
●Small business
●small businesses
small businesses with less than 100 employees
●Small Business with less than 30 employees
●Private non-profits
●private, nonprofit organizations
●Business open for a minimum of 3 years
Maturity
2 years
Up to 30 years
Up to 5 years
5 years
Terms
Interest
.5-1%
●3.75% for small businesses
Up to 3.5%
●0% for years 1-2
●2.75% for non-profits
●4% for years 3-5
Additional
●6-month Deferment
Advance Loan up to $10K available in
6-month no interest and no payments
6-month no interest and no payments
Incentives
● can be FORGIVABLE
3 days
Max Amount
$2 million
$100,000
$20,000
$10 Million
Collateral
No
Yes
Yes
Yes
How to Apply
Contact your local bank or visit visit       www.sba.gov for a list of SBA lenders.
https://www.ledbizloan.com/
https://www.ledbizloan.com/
Contact Lisa at businessloans@scpdc.org
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Regional Transportation Safety Planner

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