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March 25, 2020
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CARES Act Update: Government funds for the Paycheck Protection Program are no longer available.

At this time, the SBA is not accepting new applications. 

If you have already received funds from the Paycheck Protection Program and would like more information about loan forgiveness, please visit our guide here.

 

AVAILABLE NOW: Disaster assistance from the U.S. Small Business Administration (SBA)

President Trump recently signed the Coronavirus Preparedness and Response Supplemental Appropriations Act, which authorizes the SBA to provide Economic injury Disaster Loan assistance available to qualifying small businesses and private nonprofit organizations (exclusions may apply) to help alleviate the economic impact of COVID-19. Additionally, Nebraska Governor Pete Ricketts has proactively applied for and been awarded the ability to allow any Nebraska-based business and private nonprofit organization to apply for SBA Economic Injury Disaster Loans.

Here’s the nitty-gritty on these special SBA federal disaster loans:

  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact.
  • For applications that qualify, the interest rate is 3.75% for small businesses, and the interest rate for qualifying nonprofits is 2.75%. SBA offers loans with long-term repayments in order to keep payments affordable — up to a maximum of 30 years.
  • Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

For additional information on these SBA loans, please contact the SBA disaster assistance customer service center by calling 800.659.2955, visiting SBA.gov/disaster, or filling out an application. (Please note: The SBA website is experiencing an exceptionally high level of traffic, so if the page doesn’t load right away, keep trying.)

More relief measures and programs are in the works at the local, state, and federal levels of government, and we will do our best to update you on those steps as we are able. In the meantime, feel free to reach out to us with any questions or concerns. 
 

In the meantime: Be open and communicative

The best thing you can do during this time is keep the lines of communication open. Be open and honest with employees, vendors, landlords, banks, and even customers. This situation is fluid, and no one expects you to know answers to all questions, but communicating and being honest will make it easier to work faster and be more effective.

Be sure also to stay in touch with your business banker and provide up-to-date relevant financial information. Relationships are important when it comes to banking, and your banking partner may have excellent insights on how to effectively conduct business remotely, find alternate ways to generate revenue, and think through business recovery plans for the future.  

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Loan products subject to credit approval.

Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.