Dear Readers,

Thank you for your recent outpouring of support and encouragement during these difficult times. The Green Sheet's mission is to empower and connect payments professionals. We appreciate recent efforts by government and private sectors to help business owners, individuals and families. Here is a brief overview of federal assistance programs:

Economic Injury Disaster Loans (EIDL)

  • Low-interest loans (capped at 3.75%) for working capital to small businesses suffering substantial economic injury due to COVID-19.
  • Borrowers can request $10,000 payable three days after application. If the EIDL loan is denied, the advanced funds do not need to be returned.
  • Loan proceeds up to $2,000,000. Proceeds may be used to pay fixed debts, payroll, accounts payable, rent, utilities and other bills that cannot be paid because of the disaster's impact. There is currently no debt forgiveness associated with this program.
  • Applications can be completed at: https://covid19relief.sba.gov/#/

Paycheck Protection Program (PPP)
This program is expected to open for application on April 3, 2020. Applicants apply through any existing SBA 7(a) lender. You should consult with your local lender as to whether it is participating in the program.

  • Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
  • SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
  • More information can be found at: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

SBA Debt Refinance Programs (SBA 504 and SBA 7(a))

  • SBA Debt Refinance programs can be used to refinance existing conventional loans.
  • SBA 504 loans funded below 3% for March 2020 with a fixed interest rate for 25 years.

Additional programs may be available at the state level; we encourage you to contact your local representatives for more details.

The Green Sheet will continue to publicize state and federal efforts to help employees and business owners. Stay safe and well and feel free to share your insights and stories in Readers Speak by emailing us at greensheet@greensheet.com.