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Paycheck protection program should be operational Friday

By submitted, 04/2/20 9:13 AM

The new $349 billion Paycheck Protection Program is expected to be up and running by April 3rd, so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. 

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

Please contact your bank directly to discuss loan options under the Paycheck Protection Program

Arkansas small businesses are still eligible to apply for Low interest, long term Economic Injury Disaster Loans for up to $2 million: The first payment is deferred for 12 months. The application has been simplified and can be completed 100% online through our improved web portal at www.sba.gov/disaster.

In addition, an Economic Injury Disaster Loan Advance for up to $10,000 is available.  The form to apply is part of the economic injury disaster loan application. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Remember, if you do not submit all the information requested, your loan cannot be fully processed.The estimated time for completing this entire application is two hours and ten minutes, although you may not need to complete all parts.

Visit SBA’s small business resource page at SBA.gov/Coronavirus. Here you will find CDC requirements for small businesses how to access SBA resources including EIDL and much, much more.

For a list of all the SBA partners and organizations that your small business may need such as Chamber of Commerce, SBA Lenders and State Office check out our statewide  Resource Guide.

UPCOMING WEBINARS

The Arkansas Small Business and Technology Development Center is offering several no-cost webinars to help business owners respond to the coronavirus (COVID-19) outbreak. 

Upcoming Webinars 

  • Applying for SBA Economic Injury Disaster Loans,” 2 p.m. April 2 – Many Arkansas small businesses and non-profits are eligible for the Small Business Administration’s Economic Injury Disaster Loan Program. Learn about program requirements, how to apply and what to expect. ASBTDC will repeat the EIDL webinar each Tuesday and Thursday through April.
  • Connecting to Capital,” 2 p.m. April 2 – The Economic Injury Disaster Loan isn’t the right option for every business. Learn about other capital options.

Links to register for each program above are available at asbtdc.org/asbtdc-events/.

 

We want to emphasize that public health is the priority and we’re encouraging small businesses to do their part to keep their employees, customers and themselves healthy by following the Centers for Disease Control and Prevention’s most up-to-date information on COVID-19, as well as Guidance for Businesses and Employers to Plan and Respond.

Additionally, SBA’s Arkansas network of resource partners stand ready to assist small businesses across the state in filling out applications. These partners are seeing clients virtually to assist in minimizing impact exposure to COVID-19 and protect our small business communities.

Arkansas Small Business & Technology Development Center

SCORE – Counselors and Mentors for America’s Small Businesses

Arkansas Women’s Business Center

Startup Junkie Consulting

AR Conductor

Arkansas Procurement Technical Assistance Center – Contracting Assistance

Arkansas Economic Development Commission

AEDC has compiled a list of programs and resources, and will continue to update this list as additional resources become available at www.arkansasedc.com/covid19

Please sign up and encourage your businesses to sign up for direct updates from SBA at SBA Updates. We will send SBA updates twice daily from this distribution list.

For additional information on disaster assistance, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov

Visit SBA.gov/disaster for more information.