CARES Act and Economic Injury Disaster Loans



Dear Chamber Members and Partners:


As we have been receiving information fast and furiously and continuing to update our Coronavirus microsite, there are a few important resources we wanted to highlight, starting with the SBA's Economic Injury Disaster Loans (EIDL). Even if you already filled out an EIDL application, there are new developments you should still be aware of. The new CARES Act, which was signed into law on Friday, provides additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an EIDL. 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, under certain conditions. To apply for the Advance on your EIDL, please visit www.SBA.gov/Disaster as soon as possible to complete a new, streamlined application. This advance may be available even if your EIDL application was declined or is still pending.


In addition, as part of the CARES Act, the Paycheck Protection Program authorizes forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders, and starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans.


Finally, if you were unable to join us for our Understanding the Ins and Outs of SBA Economic Injury Disaster Loans webinar on Friday, the recording is on our microsite for your convenience. We also plan to continue hosting similar virtual events soon. so please be on the lookout for additional information.

 

As always, please stay safe and stay vigilant!



Richard Perez

President and CEO

San Antonio Chamber of Commerce

CREATED BY THE SAN ANTONIO CHAMBER OF COMMERCE