SBA released a COVID-19 small business guidance & loan resources online center. If you are a small business here is how to apply: https://disasterloan.sba.gov/apply-for-disaster-loan/index.html

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

  • Up to $25,000
  • Fast turnaround – supposed to have a response in 36 hours
  • Will be repaid in full or in part by proceeds from the EIDL loan

Economic Injury Disaster Loan Program – 2-3 week turnaround time, normally. 3.75% interest

  • Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19). Click here to apply.
  • Find more information on the SBA’s Economic Injury Disaster Loans at: SBA.gov/Disaster.
  • The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

WA State Business Loan Fund:

Small Business Emergency Grant Program (coming soon!)
Governor Inslee has created a Working Washington Small Business Grant program using a portion of the state’s Strategic Reserve Fund (SRF). The Department of Commerce is putting the finishing touches to the program’s guidelines and application. We will keep an eye out for the final rules once they are published.

As the economic fallout from the corona virus pandemic continues to realize itself, various federal and state agencies are offering emergency funding options to hard hit businesses. Below is the current list of programs we have identified. Making the decision to borrow can be stressful in times of uncertainty, and the application process requires both financial statements and tax returns. Our CFO consultants can help you talk through your options and decision making, while also giving you some quick feedback on how your statements are going to read with the loan underwriters. If you are interested in a brief consultation, reach out to us at info@gplaccounting.com.