Economic Injury Disaster Loans (EIDL) 

These loans are provided by the Small Business Administration and were designed to provide small businesses with up to $2 million in working capital loans to help overcome the temporary loss of revenue. They may be used only to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or to pay for expansion. Funds cannot be used to paydown long-term debt. They also cannot be used to consolidate debt.

$10,000 Economic Injury Disaster Loan Advance Grant
The CARES Act provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance through the Economic Injury Disaster Loan (EIDL). Funds are said to be made available within three days of a successful application, and this loan advance will not have to be repaid. On the last page of your EIDL application, you will be asked to check a box stating you want to be considered for the $10,000 advance. Even if your loan is denied, you will not be required to pay back this advance, if approved for it. If your loan is approved, this amount still does not become part of the loan, and will not need to be repaid.

IMPORTANT: If you submitted your EIDL prior to 3/27/20, when the CARES Act was signed into law, and you now want to apply for the $10,000 advance, you must reapply and submit a new application, and be sure to check the box at the end of the application stating you want to be considered for this advance.

How to apply for the EIDL or EIDL Advance Grant:
Visit to begin your application process for Economic Injury Disaster Loan, including the option to request the $10,000 Advance or
Reapply for your EIDL.

Paycheck Protection Program
The Paycheck Protection Program was enacted as part of the CARES Act as a loan program designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

  • Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
  • Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

The program will be available through June 30, 2020.

How to apply for the Paycheck Protection Program:
Contact your local lender to ask if they are participating in the program. Lenders may begin processing loan applications as soon as April 3, 2020. You can also apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. To find a federally qualified lender, visit

COVID19 Updates


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