March 30, 2020 — UPDATED: Resources for Small Businesses Applying for SBA Loans in the wake of the sweeping CARES Act, passed March 27, 2020.

These benefits are in addition to the previously announced resources.  (FAMILY FIRST Act.)   The legislation is specifically designed to streamline the application process and get relief (funds) to small businesses as soon as possible. (The goal is a 24-hour turn-around on many loan decisions.)

Some details that may be of interest to you:

  • A loan/grant will soon be available for businesses that continue to employ staff, including a $10,000 loan that will be forgiven if it is used for up to 8 weeks of payroll. (Payroll Protection part of the legislation_
  • If you have credit from other sources, you ARE still eligible to apply for these disaster loans.
  • Payments on previous disaster loans will be deferred for 6 months.
  • Community banks and credit unions will be utilized by the federal government and CAN take inquiries regarding small business loans.
  • Interest rates will be 3.7% for small businesses and 2.7% for non-profits.
  • Disaster loan first payment may be deferred for up to a year.
  • Small businesses may apply for the previously-announced loans AND the newly announced loans provided that the funding is used for different purposes (e.g. payroll and short-term debt.)
  • Some non-profits are eligible (e.g. food banks, faith-based organizations, day cares, etc.) and additional non-profit categories may be added in the future.
  • To expedite the process, collateral is not real estate based and businesss do not have to supply a first-year tax return (though you will have to sign a form releasing tax information.)
  • Local lenders may be able to assist you with the SBA process, but these details are not yet available (SBA is reviewing the legislation and determining how/when local banks and credit unions will be included in this process.  We will update this information as it becomes available.)

If you would like to review more of the details please click the link below:
Small Business Owner’s Guide to the CARES Act

You can access the US Chamber’s digital portal for small businesses by CLICKING HERE.

You can download the US Chamber’s Small Business Guide & Checklist by CLICKING HERE.

You an apply for economic disaster assistance at SBA.gov/disaster

We are updating our website several times a day and there is much more information for you there BedfordCountyChamber.com.

We will also continue to send our bi-weekly e-Connection with quick-links to additional COVID-19 resources.  As always, if you have a specific need or question, feel free to contact us and we will do everything we can to find the answer or assistance.

Whether your business is open or closed, we appreciate all you are doing to help our community through the COVID-19 crisis, and the Chamber is here to support you in any way possible. Do not hesitate to call our office at 814.623.2233. Calls are forwarded to us.