Small businesses may apply to and be awarded (subject to lender guidelines) from both programs
- SBA COVID-19 Relief Program Comparison
- Help understanding the difference between SBA loan products
- Get the latest updates from the SBA as of 4/14/20 – Free on-demand webinar
COVID-19 Economic Injury Disaster Loan
The CARES Act establishes an emergency grant to allow an eligible entity who has applied for an EIDL loan due to COVID-19 to request an advance on that loan, of not more than $10,000, which the SBA must distribute within 3 days. Applicants shall not be required to repay advance payments, even if subsequently denied for an EIDL loan.
Paycheck Protection Program
Loans for self-employed & small businesses with under 500 employees for amounts 2.5 times the average monthly payroll & other benefit costs up to $10 million, payments deferred for 6-12 months.
Loan is forgivable for up to eight weeks of the portion used on payroll for employees making under $100,000, rent on a lease executed before February 15, 2020, electricity, gas, water, telephone, internet or other utilities started prior to February 15, 2020 – as long as employees are retained through June 30th.
- Contact your bank/local lender for details or to apply
- Find a local PPP lender
- Paycheck Protection Program Cheat Sheet
- PPP Loan Forgiveness Calculation Form
Justine PETERSEN offers SBA Payment Protection Program Loans under CARES Act. For more information on how to apply for a PPP loan with Justine PETERSEN, please contact Aida Richardson at email@example.com.
FREE LEGAL ASSISTANCE For Small Business PPP Loans – The Urban League & Lewis Rice have partnered to provide free legal services to black owned businesses applying for PPP loans or seeking guidance before using any of the funds.
- Contact Karla Allen for immediate assistance: firstname.lastname@example.org
MIDWEST BANKCENTRE PROVIDING UNSECURED EMERGENCY LOANS:
Right now, Midwest BankCentre is offering emergency assistance unsecured loans of up to $10,000 for individuals and $25,000 for small businesses with no payments for 45 days.
Loan amounts can be as low as $1,500 with interest rates of 0.09% APR for 6 months and 3.99% for the remaining term.
- For more details, contact Midwest BankCentre at 314-631-5500
SMALL BUSINESS RESOURCE FUND:
The St. Louis Economic Development Partnership and the St. Louis Development Corporation are offering a 0% percent interest loan program for small businesses in the City of St. Louis and St. Louis County that have sustained economic damage due to the COVID-19 crisis.
- Loan details can be found here.
- Apply here.
- For questions about the program, please email email@example.com
JUSTINE PETERSON MICRO-LOANS
Justine Petersen continues to have Micro-loans $3000 and under, with more flexibility than banks around credit & income of businesses.