If you need federal relief for your business due to COVID-19, there are a number of places accepting applications, including companies in the financial technology industry.
Banks and credit unions or other local lenders are often the most helpful for some kinds of loans because they can sometimes approve and fund a loan same-day. And unlike lenders who issue loans with fees and high interest rates, the barrier to emergency loan repayment may be low.
There are a few places you can get relief, once you know what kind of loan you need.
Where to get a Small Business Administration emergency loan
The Small Business Administration (SBA) works with many partners, including those in fintech, to get loan funds into the hands of those who need them. Intuit QuickBooks, for example, is helping eligible businesses and organizations apply for relief loans through the Paycheck Protection Program (PPP) within QuickBooks Capital.
QuickBooks Capital is a non-bank SBA-approved lender for the Paycheck Protection Program. It simplifies, automates, and expedites the PPP application process. QuickBooks Capital assists applicants in determining eligibility and automates much of the application process, then facilitates the federal relief application process, and, in coordination with the SBA, disburses PPP funds.
Applications for some SBA loans, such as the PPP and the Express Bridge Loan Pilot Program (EBL), have to go through an approved SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution that is participating. Others can be applied for directly through the SBA’s website, as with the Economic Injury Disaster Loan (EIDL) emergency advance.
Borrowers should check with their local bank or credit union to get more information about the emergency loans available to them.
A brief guide to Small Business Administration emergency loans
The SBA sometimes offers emergency loans in times of declared disasters. For instance, the SBA is offering federal emergency loan programs and debt relief options to eligible businesses and organizations who are impacted as a result of COVID-19. These include the Paycheck Protection Program, the Economic Injury Disaster Loan emergency advance, and the Express Bridge Loan Pilot Program.
- The Paycheck Protection Program offers eligible businesses and organizations a federal relief loan to keep workers on their payroll and maintain wages, and to apply toward certain operation expenses.
- The Economic Injury Disaster Loan emergency advance offers eligible businesses and organizations a loan advance of up to $10,000 to help overcome temporary revenue loss they are experiencing as a result of the COVID-19 pandemic. This may help tide a business over until it can receive more robust funding from an Economic Injury Disaster Loan.
- The Express Bridge Loan Pilot Program offers a loan of up to $25,000 to small businesses that have a current business relationship with an SBA Express Lender.
- The SBA’s debt relief efforts automatically pay the principal, interest, and fees on current 7(a), 504, and microloans for six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
Some of these loans, like the EIDL emergency advance and those under the PPP, may be forgivable, in whole or in part, if certain requirements are met. That means, under certain circumstances, the borrower doesn’t have to pay back all or part of their loan. But there are rules and restrictions for loan forgiveness—details you’ll want to understand before you apply for your federal emergency loan.
QuickBooks Capital is licensed as Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. In California, loans are made or arranged under CFL Licensed #6054856.
Minimum loan amount varies by state.
Intuit Financing Inc. is a licensed lender in states that require a license. Our service is limited to commercial or business loans only. State licenses include: AK #10000990, CA #6054856, DC #ML1136148, FL #CF9901279, MD #03-2339, MN #MN-RL-1136148, NM #1899, ND #MB102690, RI #20183584SL, RI #20183583LL, SD #MYL.3279, TN #166418, VT #7194 and VT #7195.
Intuit Financing Inc., (d/b/a QuickBooks Capital) is an authorized SBA Paycheck Protection Program Lender.
Loan and forgiveness calculations and eligibility may vary. Refer to the SBA.gov for information about your particular situation.
Coronavirus relief programs are evolving regularly. Please visit SBA.gov or https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses for the most up to date information.
The funding described is made available to businesses located in the United States of America and are not available in other locations.
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