Business Recovery

Federal Government Loan Resources

SBA Economic Injury Disaster Loans

The U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to American small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Applicants may apply online, receive additional disaster assistance information and download applications for their loan programs at disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus.


Economic Injury Disaster Loans (EIDL)

The U.S. Small Business Administration is offering low-interest federal EIDL disaster loans for working capital to American small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela. The deadline to apply for an Economic Injury Disaster Loan is December 21, 2020.

Completed loan documents must be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Ft. Worth, TX 76155-2243.


Paycheck Protection Program

U.S. Treasury FAQ - Paycheck Protection Program Loans. Q&A on construction industry loan applications, dated April 7.

The Paycheck Protection Program (PPP) is a new $350 billion federal program providing loan assistance to qualifying U.S. small businesses designed to retain employees, maintain payroll, and cover other qualifying expenses such as mortgage interest payments, group health benefits, rent payments, utility expenses, lease obligations, and certain interest on debt incurred.

These loans are 100% federally guaranteed loans and in certain instances are forgivable. If forgiven, the loan is not taxable. These loans can be used to pay payroll expenses, debt obligations, and other qualifying expenses during an eight-week period between February 15, 2020 to June 30, 2020.

PPP applications are now open to August 8, 2020, thanks to a new law signed by President Trump on July 2.

The maximum amount a qualified applicant may borrow is 2.5 times the average total monthly payroll costs for the 1-year period before this loan is made. A maximum of $10 million is imposed.

Applicants can apply directly to lending institutions that are already approved SBA lenders or that have been recently approved by the U.S. Department of Treasury. An applicant does not have to contact the SBA or any other governmental entity to apply.  Click here to locate an SBA-approved lender in your state or region.


U.S. Treasury Department CARES Act Loan Information

These emergency loan programs are part of the CARES Act, signed into law by President Donald J. Trump on March 26, 2020.The CARES Act contains $2 trillion in federal assistance being made available to America's business community, as well as individual payments to be sent out in the weeks ahead to all qualifed American citizens.

The U.S. Treasury Department has further information online about the CARES Act and the several Trump Administration loan programs. Visit home.treasury.gov/cares for the latest information.


State COVID-19 Loan Programs

This list is not exhaustive; more states will be added as NUCA receives information about them. Please contact your NUCA Chapters for more information about state recovery programs, or your state's own business assistance offices.

Arizona - Arizona COVID-19 Business Resources
Colorado - State of Colorado COVID-19 Business Resource Center
Florida - Florida Small Business Emergency Bridge Loan Program
North Carolina - Coronavirus Disease 2019 (COVID-19) Response in North Carolina
Pennsylvania - COVID-19 Working Capital Access Program. Administered by the Pennsylvania Industrial Development Authority.
South Carolina - Coronavirus Disease 2019 (COVID-19) - State of South Carolina
Virginia - Coronavirus (COVID-19) in Virginia - Business Resources
ADP - State and Local COVID-19 Business Loans
 
U.S. Chamber Guide for Small Business Help

The U.S. Chamber of Commerce has produced a guide explaining the new emergency loans available for small businesses and 501(c)3 non-profits. The guide is available in English and Spanish.

ADP Covid-19 Small Business Resource Center - The leading U.S. payroll services provider resource page has links describing the several new federal lending programs, and state and local loan programs.
 

Articles of Note:

NEW! Construction Dive: What new PPP loan guidance means for contractors

Construction Dive - Attorneys relay what contractors need to know about the Paycheck Protection Program and its documentation needs

Aronson LLC: Paycheck Protection Program Update: Don’t Forget the Forgiveness!

U.S. Senate - Sens. Bill Cassidy and Joe Manchin Letter to Leadership on Necessity of 501(c)6 Organizations to Receive PPP Assistance (PDF)

Construction Dive: Construction tops industries in PPP stimulus loan funds, but still needs additional funding

Construction Dive: Trump Administration clarifies that paycheck protection loan program applies to all small construction firms

ENR News:  The U.S. Treasury Dept. issued on April 7 new guidance that should clear the way for construction firms to apply for loans through the new Paycheck Protection Program (PPP).

Babst-Calland: Assessing Your Organization's Stimulus Program Options. Fact sheet on who is eligible, loan terms, loan usage, and how to apply for federal Economic Injury Disaster Loans, Paycheck Protection Programs, and Working Capital Access Programs.