April 19, 2020 Coronavirus en_US 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. https://quickbooks.intuit.com/cas/dam/IMAGE/A0Rrh6Ilh/where-to-get-SBA-emergency-loan.jpg https://quickbooks.intuit.com/r/coronavirus/where-get-sba-loan/ Where to obtain SBA federal relief for your small business

Where to obtain SBA federal relief for your small business

By Danielle Higley April 19, 2020

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 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. 

This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.

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Danielle Higley is a copywriter for TSheets by QuickBooks, a time tracking and scheduling solution. She’s been a contributor to MSN.com, FiveThirtyEight, and a variety of HR and business blogs where she can put her affinity for long-form storytelling to best use. Read more