UPDATED April 21, 2020 — While President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) on March 27, the Small Business Administration is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Business owners may be wise to complete applications and prepare the necessary documentation, in the event Congress appropriates more funding for these programs. Here are some resources to help you understand your business’ eligibility and to strengthen your application.
Prior to applying, the SBA suggests filing out the loan documents so you’ll have all the information you need to complete the application in one sitting. Here’s an SBA slidedeck to help you prepare, and here are some helpful tips the CPCC’s Small Business Center has gleaned from helping business owners apply. Find the application forms here. Here are the documents you’ll need in the application process:
Or contact one of these Matthews-area lenders who can walk you through the process:
Here’s an FAQ from the SBA about its Disaster Relief Loan Program. please contact the SBA Disaster Assistance Customer Service Center: Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
Your business banker can also help you apply for a Line of Credit to help your business manage finances during the Covid-19 Public Pause. Call your banker today to learn more!
And the CPCC Small Business Center is available to help as well.
If you have good information to add to this page, or if you have questions the Chamber can help you answer, please email Interim Executive Director Lisa V. Gray today. Stay safe please!