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 |
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Paycheck Protection Program (PPP) |
Economic Injury Disaster Loans (EIDL) |
Louisiana Loan Portfolio Guaranty Program |
SCPDC Corona Recovery Loan |
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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 |
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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 |
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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 |
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Max Amount |
$2 million |
$100,000 |
$20,000 |
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$10 Million |
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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 |