COVID-19 Small Business Financing Assistance 040820

NEPA Alliance’s staff is currently exploring all available options for small businesses in our region. This includes assistance programs from the federal, state and local levels. The latest updates on available options are noted:

  • Federal
    • Paycheck Protection Program (PPP)
      • This program opened for application on April 3, 2020. Applicants apply through any existing SBA 7(a) lender. You should consult with your local lender as to whether it is participating in the program.
      • Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
      • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
      • For a list of approved lenders and application materials please visit:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp
  • Economic Injury Disaster Loans (EIDL)
    • Low-interest loans (capped at 3.75%) for working capital to small businesses suffering substantial economic injury due to COVID-19.
    • Applications can be completed at:  https://covid19relief.sba.gov/#/
  • Economic Injury Disaster Loan Emergency Advance
  • SBA Express Bridge Loans
  • SBA Debt Refinance Programs (SBA 504 and SBA 7(a))
    • SBA Debt Refinance programs can be used to refinance existing conventional loans.
    • SBA 504 loans funded below 3% for March 2020 with a fixed interest rate for 25 years
    • Contact NEPA Alliance for more information on the program and available cash out options for borrowers.

Please contact any member of our Finance TeamStephen Ursich – (570) 891-4649 sursich@nepa-alliance.orgKenneth Doolittle – (570)891-4659 kdoolittle@nepa-alliance.orgDonovan Klem – (570) 891-4668 dklem@nepa-alliance.orgDave Nat – (570) 891-4651 dnat@nepa-alliance.org