COVID-19 Business Resource Page
Financial Updates and Resources
Business Financial Information Resources
Economic Injury Disaster Loans (EIDL):
What is an EIDL and what is it used for?
EIDLs are lower interest loans of up to $2 million, with principal and interest deferment at the Administrator’s discretion, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses.
To inquire about the process and understand what to expect next, contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955.
The CARES Act was enacted to provide immediate assistance to individuals, families, and organizations affected by the COVID–19 emergency. Among the provisions contained in the CARES Act are provisions authorizing SBA to temporarily guarantee loans under the Paycheck Protection Program (PPP). Loans under the PPP will be 100 percent guaranteed by SBA, and the full principal amount of the loans and any accrued interest may qualify for loan forgiveness.
Pandemic Unemployment Resources:
Paycheck Protection Program (PPP)
BEWARE OF COVID 19 SCAMS
The SBA is warning of an increase in reports of scammers with respect to the PPP and EIDL programs. The following are phishing scams that have been identified:
- Emails impersonating SBA to a borrower regarding PPP loan applications. SBA DOES NOT communicate with borrowers regarding specific PPP loan applications. All PPP loan correspondence should be between the lender and the borrower.
- Emails impersonating SBA asking for borrowers to complete and sign attached documents to “complete” their disaster “Grant Application.” SBA does not process grants. All EIDL loan processing now occurs through the EIDL portal, and legitimate loan approval emails clearly reference the original confirmation #. If additional documentation is required (95% of loans do not require more documentation), it is electronically handled in the portal. EIDL Advances process with NO action required on the part of the applicant.
- *These phishing emails are sophisticated, with SBA logos and styling consistent with legitimate SBA communications. If in doubt, the borrower may contact their local SBA office.
Report any suspected fraud to the Office of Inspector General (OIG) Hotline at 800-767-0385 or online at: OIG Online Complaint Submission
- Additional information can be in the SBA tab below and at SBA Programs Scams and Fraud Alerts
Please contact Renee Richard for additional information and resources.