SBA Funding

COVID-19 RAPID RECOVERY

COVID-19 RAPID RECOVERY
First Community Capital approach to navigating these unprecedented times and providing continuous support to your business.
First Community Capital approach to navigating these unprecedented times and providing continuous support to your business.

SBA Disaster Assistance in Response to the Coronavirus

Coronavirus (COVID-19): Small Business Guidance & Loan Resources: To alleviate the economic impact of the coronavirus on both individuals and businesses, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act on March 27. The legislation provides economic assistance to small businesses.
SBA ECONOMIC INJURY DISASTER LOANS:
Businesses can apply to SBA for an Economic Injury Disaster Loan up to $2 million to cover working capital expenses such as fixed debts, payroll, accounts payable, and other expenses that could have otherwise been paid if not for the COVID-19 pandemic. While terms are negotiated on a case-by-case basis, interest rates are generally 3.75% (small business) and 2.75% (nonprofit) with repayment periods up to 30 years. Before you apply, read our latest post for all the key basics, from definitions to application tips.
ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE:

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.