Paycheck protection program, PPP The Paycheck Protection Program (PPP) is a loan designed to keep your employees on the payroll while offering the small business owner loan forgiveness. If the 60% of PPP loan is allocated towards payroll over an 8 to 24 week period then you can qualify for having your loan forgiven. The deadline for PPP loan applications is August 8, 2020, don’t miss your chance to secure vital funding for your small business. Many Rhode Island small businesses have benefitted from a PPP loan, as of July 17, 2020, 17,275 PPP loans have been approved in Rhode Island for over $1.8 billion. Want to learn more? Click HERE.EIDLSmall business owners and non-profit organizations are able to apply for an Economic Injury Disaster Loan (EIDL) but they must get their applications in before the funds are gone. Once the allocated funds are depleted it will be too late to secure the funding you will need, if you believe that you may need funding make sure to get your application in as soon as possible.EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.As of July 15, 2020, the SBA has approved 7,691 EIDL loans for over $441 million.Apply HereLender MatchLender Match is a free online tool that connects small businesses with SBA-approved CDFIs and small lendersHow does it work?1. Describe your needs – Answer a few questions about your business in as little as five minutes.2. Get matched in 2 days – Receive an email with contact information of lenders who express interest in your loan.3. Talk to lenders – Compare rates, terms, fees, and more.4. Apply for a loan – Submit loan applications and paperwork. You’re well on your way to securing a business loan!Ready to get started? Click the Lender Match box below.Lender Match7(a), 504, and MicroloansWhile the SBA has been focused on economic recovery due to COVID-19 there are many other capital programs that are offered outside of the Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP). The three main SBA capital programs include the 7(a), 504, and Microloan programs. The 7(a) loan program is a working capital loan while the 504 loan program is used for fixed assets – both can fund your business up to $5.5 million. The Microloan program is disbursed via SBA-approved micro lenders and can fund your business up to $50,000. Export ExpressThe Export Express program provides exporters and lenders a streamlined method to obtain SBA-backed financing for loans and lines of credit up to $500,000. Lenders use their own credit decision process and loan documentation. The SBA will respond to your application within 24 hours.Veterans AdvantageVeteran-owned businesses are one of the fastest-growing and significant segments of the U.S. economy. SBA loans made to veteran-owned small businesses come with reduced fees. If you are a veteran make sure to inquire with your lender about veteran incentive programs and fee waivers.SBA Debt Reliefppp iconAs part of our coronavirus debt relief efforts, the SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.SBA has notified 7(a), 504 and Microloan Lenders that it will pay these borrower loan payments. Lenders have been instructed to refrain from collecting loan payments from borrowers. If a borrower’s payment was collected after March 27, 2020, lenders were instructed to inform the borrower that they have the option of having the loan payment returned by the lender or applying the loan payment to further reduce the loan balance after SBA’s payment.Borrowers should contact their lender if they have any questions regarding this payment relief.Funding Outside of the SBAThere are funding opportunities outside of the SBA that also offer funds for your small business. Some of those programs include:Main Street Lending Program – The Federal Reserve established the Main Street Lending Program (Program) to support lending to small and medium-sized businesses and nonprofit organizations that were in sound financial condition before the onset of the COVID-19 pandemic. Click the link below to learn more about the Main Street Lending program. Main Street LendingRestore RI – Restore RI is a grant program sponsored by Commerce RI. Grants will be available for up to $15,000 for eligible Rhode Island businesses impacted by COVID-19. Grant amounts will be calculated based on the number of employees and the degree of revenue loss. Click the link below to learn more about the Restore RI program. Restore RI