Federal Financial Resources for Contractors and Businesses

You’ve probably heard multiple reports about various low interest and no interest loans available through the SBA and other programs. Attached is a short summary outlining those programs. There are three distinct programs (1) one that can fund up to $2M of working capital, (2) one that can fund up to $25,000 as a bridge loan (useful while waiting for other loans to be approved), and (3) one that can fund up to $10M to fund payroll, rent, mortgage, and utility costs to help prevent layoffs. Additional details on each are below.

Some of you may have an immediate need for these types of loans. Others may not, but given the uncertainty of the economic future right now, it may make sense to check them out and start an application so that you have funding in place should you need it. Worst case, it sits in a bank account untouched.

Click Here to Download a summary of the three loan types described above.

Option one described above is known as an Economic Injury Disaster Loan. You can learn more details about it and the application process by clicking here.

Option two is a Small Business Administration Express Bridge Loan. You can learn more details about it by clicking here. You can also learn about other SBA loans available during this time by clicking here.

Option three described above is known as a Payroll Protection Loan Program. You can view more information on the qualifications for this program by clicking here. You can download an application to review by clicking here.