Update from the US Treasury Dept. on Small Business Programs.
Financial Resources for Small Businesses
The CARES Act has approved $350 billion in emergency loans for small businesses to help them keep workers employed. In fact, if small businesses maintain or later restore their payrolls, they may not have to repay some—or possibly any—of the loan. We encourage you and your members to utilize the U.S. Chamber's Coronavirus Emergency Loans Small Business Guide and Checklist to help answer common questions and navigate the process.
SBA Disaster Assistance in Response to the Coronavirus (COVID-19)
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). The State of Arkansas has been approved for small businesses to begin applying for an Economic Injury Disaster Loan declaration. You can click the link below or contact the SBA’s Arkansas office by calling (501) 324-7279.
Learn more about the SBA's Disaster Assistance Programs:
Apply for an Economic Injury Disaster Loan:
Learn more about additional financial resources offered by the SBA:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2.2 trillion relief package that will provide loans to small businesses, direct financial checks to many Americans, expanded unemployment insurance and much more. Chamber members Friday Eldredge & Clark LLP has issued guidance for businesses on the CARES Act:
US Chamber of Commerce
The US Chamber of Commerce has created a resource page for small businesses that explores alternative funding options for businesses impacted by COVID-19. You can click the link below to access this information.
SBA Express Lending
This is a program through SBA that matches companies with SBA-approved lenders based on needs. Quicker turnaround for more immediate needs. Loan program through a private lender.
State of Arkansas Funds
Governor Hutchinson has allocated $16 million in funds to help Arkansas small businesses reduce the economic impact brought about by the COVID-19 virus. You can apply by calling 501.682.1121 or by e-mailing COVID19.businessinfo@ArkansasEDC.com
Allocates $4,000,000 from the Governor's Quick Action Closing Fund
Eligible companies may apply for a loan or loan guaranty of up to $250,000.
Prioritize small to medium-sized companies that are in the supply chain of essential goods and services (including healthcare, food manufacturing, logistics)