Updates and How to apply for Disaster Assistance Loans for Small Businesses – by SBDC

Below are the Small Business Development Center (SBDC) updates and guidelines regarding applications for Disaster Assistance Loans: Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) since the Senate approved a $484 billion coronavirus relief package on Tuesday, April 21st.

Paycheck Protection Program (PPP):

  • If you applied with a lender and did not receive an approval, you most likely will have your information submitted by the lender to the SBA when they again have access to the SBA approval system. Check with your lender, but otherwise you don’t need to do anything.
  • If you have not applied, lenders are still accepting applications. You can review the on-demand webinar (link below) to know what you need to do. Your SBDC advisor can also help you. Make sure the lender is approved by the SBA.
  • If you have been approved, work with your SBDC Advisor to make sure you can take full advantage of the forgivability of the PPP.

Economic Injury Disaster Loan (EIDL):

  • If you applied prior to March 30, those applications are being processed. If you have not heard anything from the SBA, you can call 800-659-2955.
  • If you applied using the simplified application (www.covid19relief.sba.gov) you should have or will soon receive the up to $10,000 advance. Please check your bank account. It will show up in your account.

If you have not applied, please watch the on-demand video and get with your SBDC advisor. The EIDL application should open up after the President signs the next stimulus into law.

On-demand webinars to receive latest guidelines on Disaster Assistance Loans

On-Demand Webinar: Covid-19 and Capital for Small Business (PPP)
The Paycheck Protection Plan (PPP) is a new program from the US Small Business Administration (SBA) to help small businesses retain their employees by providing loans that can be forgiven if used for payroll purposes. This program started on April 3 with a few lenders. At SBDC we know many more lenders and banks will begin to offer the program this coming week. Here is a 30-minute video that will show what to do to prepare to apply for the PPP loan.  
Registration is required to receive the link to the recording
On-Demand Webinar: Covid-19 and Capital for Small Business (EIDL)
This 30-minute recording will discuss options and tips for a small business to apply for the Economic Injury Disaster Loan. This is the loan that can provide up to a $10,000 advance. The loan is direct from the US Small Business Administration (SBA) and to be used for working capital.  
Registration is required to receive the link to the recording

Make sure you watch out for scams and predatory lending. During times of crisis, it is hard to take the time to verify what are real and legitimate options. That is why we are here to help you – as always, our business counseling is free to you.

You can also follow SBDC social media accounts for other updates:  
Twitter: @SDSBDCNetwork
Facebook: @SanDiegoandImperialSBDC
LinkedIn: www.linkedin.com/company/san-diego-and-imperial-sbdc-network

At the San Diego French-American Chamber of Commerce, we help and connect both local and international business to our community. If you need any support or resources, please contact our staff. Be safe!