Resources for Businesses and Non-profits Impacted by COVID-19

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Paycheck Protection Program

*Small business owners who are interested in applying for a loan through the Paycheck Protection Program are encouraged to do so as soon as possible as loans are issued on a first-come, first-served basis and funding for the PPP is likely to run out soon.

The Paycheck Protection Program is a federal program that offers forgivable loans of up to $10 million to help small businesses and non-profits with fewer than 500 employees keep workers on their payroll and pay their rent, mortgage interest or utility bills during the COVID-19 pandemic. Borrowers are eligible to have their loans forgiven if they follow certain regulations. More information on the Paycheck Protection Program is provided by the SBAthe Treasury and the US Chamber of Commerce. The borrower application form is available on the SBA website. 

To calculate your estimated maximum PPP loan and forgiveness amount, see the Arizona Commerce Authority’s online calculator

SBA Economic Injury Disaster Loan (EIDL)

*Small business owners who are interested in applying for an EIDL should monitor the application portal frequently and apply as soon as possible when it opens as loans are issued on a first-come, first-served basis.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Interest rates are 3.75% for small businesses and 2.75% for non-profits. The SBA also created a helpful presentation on EIDLs for COVID-19-related economic disruptions

SBA Economic Injury Disaster Loan Emergency Advance

*Please note that new federal funding was approved for the Economic Injury Disaster Loan Emergency Advance on April 24 and the SBA will begin accepting applications again as soon as possible.

Small businesses and non-profits with less than 500 employees are eligible to apply for an Economic Injury Disaster Loan Emergency Advance of $1,000 per employee with a maximum advance amount of $10,000 when they apply for an Economic Injury Disaster Loan. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a complete application, and this loan advance will not have to be repaid, even if the loan application is deemed ineligible for further funding. The COVID-19 Economic Injury Disaster Loan and advance application is available online.

For a comprehensive overview of resources available, please see the Small Business Owner’s Guide to the CARES Act. Additional resources made available by recent federal legislation include an Employee Retention Tax Credit, SBA Express Bridge Loans, a Small Business Exception to the FFCRA, and debt relief

The SBA has also published a list of active SBA lenders located in Arizona.

Main Street Lending Facility

The Federal Reserve established the Main Street Lending Program to enhance support for small and mid-sized businesses that were in good financial standing before the crisis by offering 4-year loans to companies employing up to 15,000 workers or with revenues of less than $5 billion. More information can be found on the Federal Reserve Website.

Private Grants