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Small Business Resource: SBA Programs

April 02, 2020  By HCMP Law Offices

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Economic Injury Disaster Loan Program

Summary

Low-interest loans for up to $2 million made to small businesses that have been severely impacted by COVID-19. The proceeds of the loans can be used for real estate, personal property, economic injury, machinery and equipment, and inventory purposes, among others.

Eligibility

  • The business must be in an affected area as stated by a disaster declaration.
  • According to the Washington State Department of Commerce, SBA has amended its disaster declaration to apply to Washington small businesses regardless of county (click here to view the amended disaster declaration).
  • For more information on disaster declared zones, click here. 

How to Apply

  • Download the forms here
  • Fill in the relevant information;
  • Upload completed forms to the website provided above. You can also mail the forms following the mailing instructions on the website provided above.

For more information, click here.


Express Bridge Loans

Summary

  • Loans of up to $25,000 will be made to small businesses, which can be used as a term loan or a bridge loan while the business applies for a direct Economic Injury Disaster Loan. These loans are meant to have a fast turnaround and to be repaid in full or in part by the proceeds from the Economic Injury Disaster Loan.
  • Proceeds must be used to support the survival and/or reopening of the small business.

Eligibility

  • Any small business located in any state that has been adversely impacted by COVID-19. The date of the applicable disaster is March 13, 2020.
  • The business must have been operational on March 13, 2020 and already have a relationship with an SBA approved lender.
  • Must meet 7(a) loan eligibility requirements, which includes among other requirements that credit must not be available elsewhere.

How to Apply:


For more information on any of these resources, please contact one of the HCMP attorneys who contributed to this article:

Robert Van Cleve | robert.vancleve@hcmp.com | 206.470.7636

Melody Alvarado Latino | melody.alvaradolatino@hcmp.com | 206.470.7655

Thea Marriott Bratt | thea.marriottbratt@hcmp.com | 206.470.7667


The information contained in this update is provided for informational purposes only. It is not business, legal, accounting, tax, financial, investment or other advice on any matter and may not be relied upon as such. Please contact your attorney to obtain advice regarding any particular legal matter.