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Together, we are facing a truly unprecedented situation. The global coronavirus pandemic is affecting all of our families, our businesses, our communities, and our way of life.

We’re called upon to be our best selves, with patience, understanding and compassion. On behalf of all of us at HLA, we maintain our committment in being your partner and persevering together in all the days and years ahead.

As we go forward, we’ll be sure to keep you updated, and know that we always value your questions, ideas and feedback.

Below you will find many Federally funded programs that might be able to help you during this time:

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The US $2T Coronavirus Stimulus Package: A Lifeline for Small Businesses

The largest economic recovery package in American history has been signed into law by President Trump. Under the stimulus package, the Small Business Administration (SBA) will oversee a 7(a) program to distribute $350 billion to small businesses in forgivable loans to cover employee wages, salaries, and benefits. This forgivable loan program aims to ensure that small businesses won’t have to resort to laying off employees.

The forgivable loan program offers the following:

  • Loans of up to $10 million for businesses with 500 or less employees.
  • Loans’ interest rates capped at 4%.
  • Deferred interest payments for six months to a year.
  • No personal guarantees or the use of assets as collateral required.
  • Funds spent on eight weeks’ worth of payroll expenses will not need to be repaid.

Coronavirus (COVID-19): Small Business Guidance & Loan Resources

There are many options that can support your business in this challenging time. Below are some of the Federal Goverment Programs. To read more information and get the full picture click here to the SBA.gov website.

Paycheck Protection Program

The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.

Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:

  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.

Click here to learn more.

Economic Injury Disaster Loans and Loan Advance

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 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.

SBA Debt Relief

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

SBA Express Bridge Loans

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

Terms

  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

Disclaimer:
The information above has been gathered from resources available to us at the time. Please check on the facts on your own before making any decisions based on this information.

Coronavirus Stimulus Package