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SBA COVID-19 BUSINESS ASSISTANCE PROGRAMS   
BCT is a Preferred Lender with the Small Business Administration (SBA).*  The SBA Disaster Loan Assistance program provides assistance for businesses, including sole proprietorships, who have been financially harmed by the COVID-19 pandemic.  Gather your financial records and business documents before starting the application process.
 
**To apply for PPP assistance, visit our webpage SBA Payroll Protection Program.

WHAT BUSINESS ASSISTANCE PROGRAMS ARE AVAILABLE?
There are primarily two programs funded through the Small Business Administration (SBA).  One is the Paycheck Protection Program (PPP) that is intended to protect business payroll expenses, salaries, mortgage interest, rent and utilities and interest on debt prior to February 15, 2020.  The other is the Economic Injury Disaster Loan (EIDL) program for other harm to businesses that has two options, disaster loan or emergency grant.  Details are found in the chart below.
  
Overview
Economic Injury
Disaster Loan (EIDL)
EDIL Emergency Grants

Maximum Loan Amount

Up to $2,000,000

Grant up to $10,000

Eligible
Borrowers

  • Businesses that meet the SBA size standards
  • Sole Proprietorship with 500 or fewer employees (with or without employees or as independent contractors)
  • Cooperative of 500 or fewer employees
  • ESOP (500 or fewer employees)

Use of Proceeds

  • Payroll Expenses
  • Accounts Payable
  • Fixed Debt
  • Rent and Utilities
  • Bills not paid because COVID
  • Any purpose for a loan made under Section 7(b)(2)
  • Provide sick leave to employees unable to work due to direct effect of COVID-19
  • Maintain payroll to retain employees during business disruptions or substantial slowdowns
  • Make rent or mortgage payments
  • Repay obligations that cannot be met due to revenue loss

Collateral
Personal
Guarantee

Personal Guarantee Required
Will Take Collateral

Waived

Affiliation

Applicable

Waived

Credit Elsewhere

Waived

Waived

Forgiveness

No

Yes

Interest

Fixed 3.75%

N/A

Term

Up to 30 Years

N/A

How To Apply

Apply directly through the Small Business Administration (SBA)

Apply directly through the Small Business Administration (SBA)

Preparation Documents and Application

APPLY through SBA

APPLY through SBA

Contact the BCT Loan Help Team with questions at:
304-728-2419
703-443-4454
 
* BCT is approved to offer SBA loan products under SBA’s Preferred Lender Program.  The above information is current as of April 16, 2020 and is subject to change at any time with further clarification by the Small Business Administration. As with all business matters you should seek legal and/or tax counsel before making any financial decision.

Helpful Q&As to explain COVID-19 grant and loan programs
Other helpful information about SBA Business Assistance Programs
 
Video Help  (Presented by One Degree Capital. Not affiliated with BCT.)