What are your alternatives now that SBA is no longer accepting EIDL loan applications?
As of Monday, April 27, “the SBA is unable to accept new applications for COVID-19 Economic Injury Disaster Loan-related assistance . . . based upon available appropriations funding,” said Matt Coleman, a spokesman for SBA’s Region II, which includes New York State.
But: If you have already submitted your applications, they will continue to be processed on a first come, first serve basis.
A bill adding $60 billion for EIDL has been signed into law by President Donald Trump the other week, to replenish the earlier allocation of $17 billion that was exhausted on April 16, prompting the SBA to stop taking new applications.
The good news: There are state-program alternatives to the Economic Injury Disaster Loan that small businesses can turn to.
In California, small businesses can look into following programs.
Note: The terms of programs are subject to change at any time.
City of Los Angeles Small Business Emergency Microloan Program
Emergency microloan of $5,000 to $20,000 for working capital only
18-month to 5-year term at no admin, loan, and application fees
Who is eligible
Approval factors and requirements
For more information and to apply, visit https://ewddlacity.com/index.php/microloan-program
San Francisco COVID-19 Small Business Resiliency Fund
$10,000 in emergency funding to cover payroll and other costs
Who is eligible
For more info, visit https://sfchamber.com/resources/small-business-resources/
San Francisco Hardship Emergency Loan Program (HELP)
Up to $50,000 loanable for working capital, equipment, or inventory
0% interest, up to 6-year terms, and with no fees and no collateral
Who Is eligible
Businesses that are:
The following may also apply:
For more information and to apply, visit https://mainstreetlaunch.org/contact-us/
San Francisco Office of Economic and Workforce Development Resource Guide
The city’s Office of Economic and Workforce Development has a comprehensive list of resources and updated information for business owners in the Bay Area as San Francisco is rapidly instituting programs to help business owners. To keep up to date with the latest information, follow @sfoewd on Twitter.
For a list of assistance programs in other states and elsewhere in California, see:
For easy-to-scale solutions to your HR and payroll management concerns, talk to Payroll Systems.
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This article provides general information and shouldn’t be construed as legal or HR advice. Since employment laws may change over time and can vary by location and industry, please consult a lawyer or HR expert for advice specific to your business. You can also contact Payroll Systems to inquire about our HR support services.