Considering the tough situation that all small-medium businesses are facing now, the Federal government has stepped up to help with a series of programs. It may feel overwhelming but we have simplified the options for you here along with the time burden that it takes to complete each part. We will simplify the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and your options here.

Lastly, do not get scammed by outsiders promising they will do something better, more, etc. This is an easy application that you or your CPA or both can complete in a matter of an hour for all relief applications combined. ONLY apply through the SBA or Bank and not any other websites that are not the aforementioned two.


The first and most important is to apply for the Economic Injury Disaster Loan Emergency Advance (EIDL). This loan advance provides you up to $10,000 of economic relief which does NOT have to be repaid. This is why you must apply for this first. It provides you a good amount of cash to get by NOW while waiting for the loans to be approved. Nearly all small businesses will qualify for these as long as you have less than 500 employees. There are some exclusions that you will see when applying under the second table of application on first page, examples; engaged in illegal activities, delinquent on child support, being in agricultural enterprise, legal gambling, lobbying or being a state, local or municipal government entity.

Apply here at the SBA website and this will take approximately 5-7 minutes of your time. Ensure you have your business basics ready such as legal company name, EIN number, Gross Revenues, Cost of Goods Sold (COGS), number of employees, etc.


This is the second step because it requires more information and it must be applied through your local bank with whom you do business with. The 4-page application is fairly straight forward asking for basic business information including company name, EIN and owner information as well as the most important information about the monthly payroll. Your maximum loan will equal to 2.5 times your average monthly payroll plus your EIDL.

The SBA form 2483 (04/20) is the paper pdf copy that can be used to apply for this loan which your bank may require a printed version with signatures and initials.


To be eligible for forgiveness of this Paycheck Protection Program loans, you MUST comply with the following very important points

  • loan forgiveness will be provided for the sum of documented payroll costs, covered mortgage interest payments,
  • covered rent payments, and covered utilities, and not more than 25% of the forgiven amount may be for non-payroll costs.
  • You must retain the employees on payroll for at least six months to be eligible for loan forgiveness

Find an eligible lender here at SBA Website. Nearly all local banks including JP Morgan Chase, Wells Fargo, BBVA and others are eligible vendors.

JP Morgan Chase Bank link to apply is here 

UPDATE: As of April 23, 2020, Chase is emailing alot of clients informing them that they should look else where to apply for PPP loans. If you are a chase customer, you are left out essentially. I believe that Chase will end up losing a good amount of clients due to such poor reliability. Most business customers will go through their community and local banks instead of the big banks after the crisis is over.

Wells Fargo Bank has exceeded their capacity and will not be accepting  the application as of the date of this writing, more information here

Bank of America is accepting applications now as long as you have been their client as of Feb 15th, 2020. Apply Here

BB&T Bank options can be found & applied here but you would have to register in line and when it is your turn, they will communicate with you over email and allow you to submit an application.


This doesn’t apply to you unless you have already received or will be applying for a 7(a), 504 or microloan from the SBA. As part of the debt relief efforts, SBA will automatically pay the principal, interest, and fees of 7(a), 504 and microloans for six months that were issued before September 27, 2020.

7(a) Loan and what is it?

7(a) offers loan amounts up to $5,000,000 and is an all-inclusive loan program deployed by lending partners of SBA for eligible small businesses within the U.S. States and its territories. The uses of proceeds include working capital; expansion/renovation; new construction; purchase of land or buildings; purchase of equipment, fixtures; leasehold improvements; refinancing debt for compelling reasons; a seasonal line of credit; inventory; or starting a business.

504 SBA loans and what is it?

504 loan program is designed to foster economic development and job creation and/or retention. The eligible use of proceeds is limited to the acquisition of eligible refinance of fixed assets.

Lastly, here is a good web page about SBA Coronavirus Funding Options that offers useful funding programs for small and medium-sized businesses.

SBA Disaster Assistance

To apply for SBA Loans with low interest, check the SBA Website here. As of April 23rd the SBA is not accepting any more application due to lack of funding.

The low interest loans are referred to Economic Injury Disaster Loans as well. SBA’s Economic Disaster Loan program provides small businesses with working capital of up to $2 million dollars to provide economic support in order to help overcome the temporary loss of revenue. The loan may advance up to $10,000 which does not have to be repaid but once you are approved for higher amounts, the difference must be repaid with a 30 year term at  3.75% interest rates.

This must be applied through the SBA and has nothing to do with your local banks. Remember that your local banks are handling only PPP loans.

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