Disaster Relief Funding Programs
Financial Resources for Small Businesses

Disasters happen.  Tornados, hurricanes, fires, theft, and currently the COVID-19 pandemic cause businesses to suffer economic loss or physical damage.  When disaster strikes, where can small business owners go for assistance?

Paycheck Protection Program (PPP)

In January 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This program was created to provide economic assistance for American workers, families, and small businesses and preserve jobs for our American industries.  Under the CARES Act is the Paycheck Protection Program (PPP), a loan program for small businesses, offering low-interest loans that may be forgivable if meeting certain conditons.  

As the pandemic rages on, Congress passed the Paycheck Protection Program Flexibility Act, which was signed into law on June 5, 2020. This act amends the PPP to give borrowers more freedom in how and when loan funds are spent while retaining the possibility of loan forgiveness.

SBA's Economic Injury Disaster Loans (EIDL)

This provision expanded eligibility for access to SBA’s Economic Injury Disaster Loans (EIDLs). The SBA shall waive any personal guarantee on advances and loans below $200,000 on these loans made in response to COVID-19 before December 31, 2020.

Businesses, sole proprietorships, independent contractors, non-profits, cooperatives or ESOPs with fewer than 500 employees are eligible to apply. It covers providing paid sick leave to employees, maintaining payroll, meeting increased costs to obtain materials, making, rent or mortgage payments, and repaying obligations that cannot be met due to revenue losses.
For EIDL loans, you must apply directly through the SBA: Visit disasterloan.sba.gov/ela.

Additional Resources

Looking for business funding?

If you are in need of funding and you have money in a
qualified retirement plan, you can use those funds for
your business without incurring upfront taxes or
early-withdrawal penalties. 

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