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.

• Seek assistance from SBA District Office or local SBA Development Center on process, forms, and documentation required
• More info found HERE
• Application found HERE