Military reservist loan
If you temporarily lose a military reservist who is called away to active duty, you may be eligible for a Military Reservist Economic Injury Disaster Loan (MREIDL) of up to $2 million to cover necessary operating expenses. Repayment terms may extend up to 30 years with an interest rate of 4%. You may apply for an MREIDL through the disaster loan assistance portal.
Support for women
If you’re a wholly or partly woman-owned business, our partners will give you a 0.2% reduction* on applied loan interest rate.
PPP Loans
The CARES Act rolled out the Paycheck Protection Program, a new SBA loan program, to help small businesses cover payroll costs in response to the coronavirus pandemic. The SBA stopped accepting PPP loan applications on Aug. 8, 2020, but Congress renewed the program in December 2020.
HOW THEY WORK
PPP borrowers may also be eligible for the SBA loan forgiveness program if you use the funds on eligible expenses, such as payroll costs, rent and utilities. To apply for loan forgiveness, you must contact your PPP lender, complete the correct forms and supply necessary documents, including bank account statements and tax forms.
Veterans loans
The SBA Veterans Advantage 7(a) loan is no longer available. However, military veterans can still enjoy various perks, such as waived fees for SBA Express Loans and guaranty fee relief during the coronavirus pandemic. In addition, some SBA loan programs, like the Community Advantage program, specifically target veteran-owned businesses.