SBA Disaster Relief Programs
Helping Businesses Respond to COVID-19
We are here to support you - the small business owner - during this time.
We're offering meetings every day to talk with current small business owners about their financing options and provide assistance with the disaster loan application process. You can schedule a virtual meeting with a business consultant at a time that works best for you. As always, the cost for our consulting is covered by our funding partners.
Economic Injury Disaster Loan Program
The U.S. Small Business Administration provides low-interest disaster recovery loans to small businesses. SBA disaster loans can be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster's impact.
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.
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.
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.
- 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 Lenderby connecting with your local SBA District Office.
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.
Get Help with Your Application
The Missouri Small Business Development Center at Missouri State University is here to help small business owners navigate the SBA application process. You can schedule a virtual meeting with a business consultant at a time that works best for you. As always, the cost for our consulting is covered by our funding partners. You can also find a schedule of upcoming webinars and other trainings on our calendar.