Small Business Administration To further meet the needs of U.S. small businesses and non-profits, the US Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19.
SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit. These loans can provide vital economic support to help alleviate temporary loss of revenue. EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses.
Additionally, the EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
To apply for an Economic Injury Disaster Loan, visit https://covid19relief.sba.gov/#/.
PPP Funds Still Available
The Paycheck Protection Program provides small businesses with funds for payroll costs and utilities.
More than $100 Billion in PPP funds are still available. The recent passage of the Paycheck Protection Flexibility Act allows small businesses to use funds up to 24-weeks and have the option of extending the life of the loan from two years to five. SBA will forgive loans if funds are used as intended.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
For more information, visit here.
PPP Forgiveness Daily Webinar
The SBA Vermont District Office is hosting a free daily webinar from 9 to 10 a.m. Monday to Friday to discuss Paycheck Protection Program forgiveness and other changes.
To join the webinar, visit https://meet.lync.com/sba123/sbmazza/SFFM2N9R.
To join by phone, call (202) 765-1264 and when prompted enter the code 237511921#. Upon joining the call, mute the phone to cut down on the background noise and please do not place the call on hold as the hold music will be heard over the presenter.
For more information, email firstname.lastname@example.org.
PPP & EIDL Webinar Tuesdays & Thursdays
In response to the COVID-19 pandemic the SBA Vermont District Office is hosting a free webinar from 9 to 10 a.m. Tuesdays and Thursdays to discuss the Paycheck Protection Program, the Economic Injury Disaster Loan and Advance, and any pertinent updates. Previously a daily webinar, it will now be held twice a week.
To join the webinar, visit https://meet.lync.com/sba123/sbmazza/6F6N4YK6.
To join by phone, call (202) 765-1264 and when prompted enter the code 470177937#. Upon joining the call, mute the phone to cut down on the background noise and please do not place the call on hold as the hold music will be heard over the presenter.
Upcoming Virtual Town Halls
Entrepreneurs in Underserved Communities Town Hall
6 p.m. June 16
Latino Entrepreneurs Town Hall
6 p.m. June 17
Asian American Entrepreneurs Town Hall
6 p.m. June 18