In partnership with the Small Business Administration (SBA), a federal government agency, Independent Financial is helping 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 for more information. Please visit this site regularly to stay up to date on information related to SBA COVID-19 relief.
COVID-19 related relief has been made 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. UPDATE: Independent Financial will provide further updates as they become available from SBA. 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 find out more or to monitor updates, visit the SBA website. UPDATE: Currently the Small Business Administration (SBA) is no longer accepting new applications for the EIDL program based on available appropriations funding. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
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 regarding existing SBA loans.
April 24, 2020 – President Trump signs legislation that replenishes funding for SBA programs related to COVID-19. The bill provides an additional $310 billion for the PPP, including $60 billion for community and small banks.
April 27, 2020 – SBA begins accepting applications for second round of the PPP.
March 27, 2020 – President Donald Trump signs CARES Act (Coronavirus Aid, Relief and Economic Security) into law. This is the largest economic stimulus plan in US history.
April 3, 2020 – (start date of program) Independent Financial finalized application paperwork and began working with customers.
April 17, 2020 – The SBA announced appropriations were exhausted and gave analysis of PPP Program success (SBA Announcement)
April 21, 2020 – Congress agrees to provide additional funding to CARES Act.