Growth Energy members may be eligible to apply for U.S. Small Business Administration (SBA) assistance for their small business starting immediately. Loans are available on a first-come-first-serve basis, so we recommend you look at your options ASAP.
Paycheck Protection Program (PPP) Loan
PPP provides 8 weeks of cash-flow assistance through SBA’s 7(a) loan program. These can be 100% fully-guaranteed loans meant to maintain payroll, retroactive February 15, 2020 to June 30, 2020.
- Determine your 2.5x average monthly payroll calculation
- Determine number of Full-Time Equivalent Employees
- Find a local lender that is approved to make these loans and schedule a phone consult to discuss next steps
- For a top-line overview of the program CLICK HERE
- If you’re a borrower, more information can be found HERE
- PPP Application Form
- Find an eligible lender
- Frequently Asked Questions
On April 23, Congress approved a narrowly-tailored stimulus bill aimed at replenishing SBA’s Paycheck Protection Program (PPP). This bill gives plants a second opportunity to apply for funds, providing a $310 billion boost to PPP, including $60 billion set aside for smaller lending institutions. Other provisions in the overall Phase 4 stimulus package include:
- $50 billion for SBA’s Economic Injury Disaster Loan program
- $10 billion for SBA’s Emergency Economic Injury Grant program
Economic Injury Disaster Loan
SBA is also offering up to $2 million in low-interest, federal disaster working capital loans at 3.75% interest for small business. Businesses can request an advance up to $10,000 to provide paid sick leave to employees, maintain payroll, and pay other debts within three days of applying for the loan.
