IMPORTANT UPDATE (as of Tuesday, April 21):
The Senate is expected to pass the Paycheck Protection Program Increase Act of 2020 today, which re-funds the emergency package for America’s small businesses.
The package contains roughly $320 billion to replenish the Paycheck Protection Program (PPP), an additional $10 billion for the EIDL program, as well as an additional $50 billion for the Small Business Administration’s disaster relief fund, in addition to allowing agricultural/rural businesses access to these funds.
Reports are hopeful that congress will approve the deal by the end of the day, Tuesday, April 21, 2020, with the house likely passing the measure on Thursday.
On Monday, March 30, 2020, the U.S. Small Business Administration launched a disaster loan assistance program that awards $10,000 grants to eligible American small businesses. If your business has been impacted by the novel coronavirus (COVID-19), it’s important to apply ASAP.
For context, on March 27, 2020, the U.S. Congress passed the CARES Act. Part of this landmark legislation included a $10 billion appropriation for U.S. businesses under the emergency Economic Injury Disaster Loans (EIDL) provision.
This guarantees that eligible businesses in the U.S. will receive $10,000 grants within three days of applying. There are very few strings attached — even if you do not qualify for a larger loan, this $10,000 will be yours to keep so long as you meet basic eligibility requirements.
The application only takes a few minutes to complete. We strongly urge you to:
- Check to see if your business is eligible for an EIDL grant from the federal government. Review the criteria here — it includes having less than 500 employees, and not getting most of your income through certain activities, like gambling.
- Submit your application as soon as possible! These grants will go fast.
You can also read more about this program here from the U.S. Chamber of Commerce.