News & Press: News

Small Business Administration Loans for COVID-19

Tuesday, April 14, 2020  
















Small Business Administration Loans for COVID-19

 

Good afternoon HCA members,

HCA is happy to provide its members with information on the newly passed Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides loans for qualifying small businesses.

The CARES Act gives businesses two choices for relief: Economic Injury Disaster Loan (EIDL) and Paycheck Protection Plan (PPP).Please see the highlights listed below for both types of loans and the accompanying attachment for more details.

 

EIDL (Economic Injury Disaster Loan)

  • No cost to apply
  • 3.75% Interest rate for small businesses
  • May be used for fixed debts, payroll, accounts payable, and other bills affected by the disaster
  • Existing SBA Disaster or Business loans do not make you ineligible
  • May be approved solely on the applicant credit score

 

PPP (Paycheck Protection Plan)

  • A list of SBA lenders in the Houston District can be found atwww.sba.gov/tx/houstonunder Coronavirus Resources
  • This program provides 100% federal guaranteed loans for small business to keep workers employed
  • These loans may be forgiven if borrower maintains their payroll during this crisis or restores their payroll afterwards.

 

Attached is the SBA COVID -19 PDF.Please see it for more details on the SBA loans.Hopefully this information will help keep your companies running during these difficult times.

 

 









SBA COVID -19 PDF