The resulting COVID-19 pandemic has placed a huge economic burden on businesses across the country. Through the Small Business Administration (SBA), the Federal Government is offering financial assistance to businesses to meet their obligations during this economic crisis with SBA 7(a) Loan Program currently proposed to be amended under the Coronavirus Aid, Relief and Economic Security (CARES) Act, and the SBA 7(b) Economic Injury Disaster Loan (EIDL) program.
Each of these distinctive programs may not be available to all small businesses, and include different loan processes, provisions and terms. For businesses that qualify to apply to either program, funds may not be received for the same purposes. Additional details regarding each program are included below for small business owners to evaluate their potential eligibility and gather more information. Please note that some of these changes are still pending congressional action, and HCLLP is updating the below with information as it is finalized and made available.