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The B.A. Fund

COVID-19 has affected businesses all over the United States and there is a lot of uncertainty as businesses make their way through the pandemic. The BA Fund is ready help you. We know the amount of information surrounding the outbreak can be overwhelming. Good news is that there is small business relief financing for COVID-19 available. This page includes government financial relief programs, private sources of assistance to your business, and resource guides to help navigate your way through the outbreak.

SBA 7(a) AND 7(b) LOAN PROGRAMS

COVID-19 made a major impact on businesses nationwide. The SBA has two loan programs, the 7(a) Paycheck Protection Program and 7(b) Economic Injury Disaster Loan (EIDL), available to eligible businesses affected by COVID-19.

SBA (7a) Paycheck Protection Program

Loan Overview:

○  A business can apply for a loan of 2.5 times their average monthly payroll costs up to $10 million

○  The interest rate is 0.5%%

○  Loan terms is 2 years

○  Payments on the loan are deferred for 6 months.

○  No personal guarantee

○  An eligible business must apply before June 30, 2020

○  Funds can be used to business expenses such as pay payroll costs, salaries and healthcare benefits, rent or mortgage payments, utilities and interest on preexisting obligations

Eligibility requirements:

○  In order to apply, a small business will need to contact an SBA approved 7(a) lender, not the SBA

○  A business with less than 500 employees and meets other certain requirements is eligible to apply

Below are the anticipated documents needed to apply, which may change based on the final SBA requirements for the 7(a) loan:

○  Financial statements – interim 2020 income statement and balance sheet and full year 2019 income statement and balance sheet

○  Tax returns – last three (3) years of federal returns for business

○  2019 payroll information

○  Current organizational documents – such as Bylaws, Articles, and Operating Agreements

○  General liability insurance information

○  Current building lease and any amendments

Click here to find a lender

SBA (7b) Economic Injury Disaster Loan (EIDL)

Loan Overview:

The 7(b) loans provide up to $2 million in assistance with an interest rate of 3.75% for-profit companies and an interest rate of 2.75% for non-profits. The loan terms range up to 30 years, and there are no upfront fees or early payment penalties.

Loan information:

○  Payments start 12 months after the date of the contract

○  Funds can be used to business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:

Loans for any business that is affected by COVID-19, has less than 500 employees and was in operation before February 1, 2020, is eligible to apply.

Those interested in applying, must apply before December 31, 2020

Emergency Advance up to $10,000

Advance information:

○  There is no requirement to repay the advance even if your business is denied the 7(b) loan

○  Funds can be used to pay business expenses such as pay sick leave for employees who are unable to work due to a direct effect of COVID-19, payroll, materials, rent or mortgage payments, repaying outstanding obligations

Eligibility requirements:

An eligible small business must apply for the 7(b) loan in order to request the Emergency Advance of up to $10,000

Those interested in applying, must apply before December 31, 2020

APPLY HERE

Relief Loans and Grants by State

 Albama

Georgia

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan


Only federal loan available to Alabama residents, that we know of now. More details on the loan provided at the top of the page. For more info please visit https://www.sba.gov/funding-programs/disaster-assistance

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan


Only federal loan available to Georgia residents, that we know of now. More details on the loan provided at the top of the page. For more info please visit GA 16347 – SBA Offers Disaster Assistance to Georgia Small Businesses Economically Impacted by the Coronavirus (COVID-19)

Florida

Texas

Florida Emergency Bridge Loan Program:

Loans up to $50,000 per eligible small business (special cases loans up to $100,000) One year loan term with no interest during that period (if there is a balance after 1 year – 12% per annual interest rate will then apply). Only one loan per eligible businesses. All businesses in all counties in Florida are eligible.

Requirements:

○  Business must have been established prior to March 9, 2020

○  Have between 2-100 employees

○  Business must have experienced economic injury as a result of COVID-19

○  If there is a default, normal collections will apply

○  Business must be for-profit, privately held business that maintains a place of business in the state of Florida

Non-eligible businesses:

○  Businesses deriving more than one-third of gross annual revenue from legal gambling activities

○  Businesses engaged in any illegal activity

○  Businesses that present live performances of an indecent sexual nature or derive directly or indirectly more 2.5% of gross revenue through the sale of products or services, or the presentation of any depictions or displays, of an indecent sexual nature

○  Businesses that have a primary purpose of facilitating polyamorous relationships

○  Massage parlors

○  Hot tub facilities

○ Escort services.

Loan Requirements:

○  Loans will be made to individuals who, individually or collectively, own at least 51% of the equity of the business.

○  A borrower will be required to sign an agreement that the proceeds of the loan will be used only for purposes of maintaining or restarting the business in the designated area. Use of proceeds to pay off debts already incurred for qualifying business maintenance or restart purposes may be authorized on a case-by-case basis

○  A borrower will be required to certify that the proceeds of insurance claims, other loans applied for or to be applied for, or other financial assistance will be used to repay the loan.


To apply, visit https://floridadisasterloan.org/a/w/wp-content/uploads/2020/03/20200316-COVID-19-Florida-Emergency-Bridge-Loan-Application.pdf


Deadline for application is May 8th,2020

Documents needed to apply:

○  Government Issues ID

○  Federal Business tax returns for last 2 completed years

○  Employer tax documentation

○  Personal tax returns for last 2 completed years with Schedule C

○  Additional Information applicant believes is important for the Loan Review Committee to review

For further questions please visit http://floridasbdc.org/locations/

WaFd Bank


The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.


Requirements:

○  Businesses who have a 10% or greater drop in revenue

To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit


SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan

Only federal loan available to Texas residents. More details on the loan provided at the top of the page. For more info please visit

TX 16381-01 SBA Offers Disaster Assistance to Texas Small Businesses Economically Impacted by the Coronavirus (COVID-19)

WaFd Bank


The WaFd Bank is offering a revolving five year line of credit with zero percent interest for the first 90 days. Approval is subject to annual revenue and the maximum available is $200,000.


Requirements:


○  Businesses who have a 10% or greater drop in revenue


To apply visit, https://www.wafdbank.com/business-banking/coronavirus-business-line-of-credit

SBA Economic Injury Disaster Loan (EIDL) and Physical Disaster Loan


Only federal loan available to Texas residents. More details on the loan provided at the top of the page. For more info please visit

TX 16381-01 SBA Offers Disaster Assistance to Texas Small Businesses Economically Impacted by the Coronavirus (COVID-19)

If your state is not included above and you would like additional information, please email us [email protected]