Updated Disaster Relief: Apply for New PPP, Christmas Bombing Relief from SBA

Economic Chamber News Release
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Updated Disaster Relief

 

Apply For New PPP

The Biden administration will give the country's smallest employers two weeks of exclusive access to emergency loans, in a bid to target aid to minority-owned businesses and other companies that have struggled the most to obtain the funds during the pandemic.


The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Borrowers may be eligible for PPP loan forgiveness.


In order to reach the smallest businesses, SBA will offer PPP loans to businesses with 20 or fewer employees and sole proprietors only from Wednesday, February 24 through Wednesday, March 10, 2021. President Biden has also announced additional program changes to make access to PPP loans more equitable.


Steps to follow, via the US Small Business Administration:


1. Find a lender:

2. Identify a loan:

  • First Draw PPP Loans: If you have not received a PPP loan before, First Draw PPP Loans are available to you.
  • Second Draw PPP Loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.

Reminder: the SBA also offers additional Coronavirus relief.

 

SBA: Christmas Bombing

SBA Low-Interest Federal Loans for Disaster-Related Damages

 

Interest Rates as low as 3% for businesses, 2% nonprofit organizations. Max. loan: $2 million

  • Physical Damages: Business of all sizes and nonprofits (Real Estate, Inventory, Equipment, etc.)
  • Economic Injury: Small businesses and nonprofits (working capital, no physical damages needed to apply)

Interest rates as low as 1.125%. All repayment terms up to 30 years.

  • Homeowners: Up to $200,000 for Primary Residence
  • Homeowners/Renters: Up to $40,000 for Personal Property

For businesses/homeowners, mitigation is available up to 20% of SBA's verified physical damage amount.

 

First Step: Apply online with SBA at DisasterLoan.sba.gov

  • Questions? For one-on-one assistance with applying, call (800) 659-2955
  • Open Monday-Sunday, 7 am - 7 pm CST
  • Email FOCE-Help@sba.gov

Note: Loan applicants should check with agencies/organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.

 
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Lauren Bland

Membership Manager

Nashville LGBT Chamber

Pronouns | she, her, hers

615-507-5185

lauren@nashvillelgbtchamber.org

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