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In partnership with the Small Business Administration (SBA), a federal government agency, Independent Financial is ready to help small business owners understand and access new SBA programs designed to provide COVID-19 related relief.

We encourage you to reach out to your local branch or lending team to get started. Please visit this site regularly to stay up to date on information related to SBA COVID-19 relief.

COVID-19 related relief is presently available in two forms through the SBA: relief programs and loan payment deferment on existing SBA loans.

Paycheck Protection Program (PPP)– The CARES Act was signed into federal law on March 27, 2020 to provide additional relief for qualifying individuals and businesses. Funding was established to create a new SBA program called the Paycheck Protection Program (PPP), which would include loan forgiveness.

The SBA is currently drafting guidance for banks and non-bank financial institutions to administer the program and make funds available on its behalf. It is our understanding that SBA will allow lenders to start taking applications as early as April 3, 2020 and that the program will be made available until June 30, 2020. 

Independent Financial plans to offer the program once it becomes available. Click here for more details about the PPP.     

Economic Injury Disaster Loan Program (EIDL)  – The SBA’s Economic Injury Disaster Loan Program provides small businesses in certain states with working capital loans of up to $2 million to help overcome a temporary loss of revenue. The program is administered through the SBA. To see if this program is available in your state, or to apply for a loan, visit the SBA website.

If you have an existing SBA Disaster Loan (for example, a Disaster Loan secured as a result of a previously declared disaster like 9/11, Hurricane Katrina or Hurricane Harvey), the SBA announced that payments may be automatically deferred through December 31, 2020 without prior approval from the SBA. For more information, view the SBA’s announcement.

March 31, 2020: Department of the Treasury released guidelines to borrowers for qualifying for a loan. The Paycheck Protection Program (PPP) is expected to be up and running by the SBA by April 3, 2020. Department of the Treasury Press release available here.

March 27, 2020: The CARES Act was signed into law on March 27, 2020 to provide additional relief for individuals and businesses. Funding was established to create a new SBA program called the Paycheck Protection Program (PPP). The SBA is currently drafting guidance for banks and non-bank financial institutions to administer the program and make funds available on its behalf. Independent Financial plans to offer the program once it becomes available.

March 23, 2020: The SBA announced that payments on existing SBA Disaster Loans may be automatically deferred through December 31, 2020 without prior approval from the SBA. For more information, view the SBA's announcement.