Application open today: U.S. Chamber Foundation’s Save Small Business Fund.

In an effort to support small businesses during this unprecedented time, we are pleased to share that Travelers is a launch partner of the U.S. Chamber Foundation’s Save Small Business Fund. This Fund will provide assistance to small business owners impacted by the coronavirus through $5,000 grants to eligible small employers in the U.S. and its territories. Grant applications are open today, Monday, April 20, 2020, so we encourage you to visit www.savesmallbusiness.com for information on eligibility, grant timelines, and more. Please feel free to share this information with other small businesses in your networks that might be in need.

At the Travelers Institute, we understand the far-reaching impacts of small businesses on families, communities and the economy, and are pleased to help offer this support during this difficult time.

The Travelers Institute team

Travelers Institute

Travelers

1 Tower Square | Main South, 8^th Floor  

Hartford, CT 06183

institute@travelers.com | travelersinstitute.org

TO QUALIFY
YOU MUST

– Employ between 3 and 20 people

– Be located in an economically vulnerable community

– Have been harmed financially by the COVID-19 pandemic

As a test, the zip codes of Dallas Metropolitan SBDC and an adjacent neighborhood, 75215 and 75226, both qualify!

SBA.gov information:

https://www.sba.gov/funding-programs/disaster-assistance

EIDL application itself:

https://covid19relief.sba.gov/#/

an SBA bank list resource 1:

(refer to page 29 of the Resource Guide)

https://www.sba.gov/sites/default/files/files/resourceguide_3148.pdf

SBA bank resource 2:

an Excel List of SBA lenders

https://www.sba.gov/sites/default/files/resource_files/Loan_Volume_Comparison_As_Of_September_30_2019.pdf

A organization of SBA lenders:

https://ntaggl.org/

A US Treasury Fact Sheet:

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

US Treasury PPP website:

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

US Treasury PPP FAQ

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

NDC – PPP application webinar

In addition to the SBA Economic Injury Disaster Loan (EIDL) and EIDL Loan Advance, and the Paycheck Protection Program (PPP), there are additional assistance programs some business owners need to know about.

SBA has two additional programs, SBA Bridge Loans and SBA Debt Relief

For existing SBA 7(A) and 504 Loan borrowers, the SBA is offering important Debt Relief!

As part of SBA’s debt relief efforts,

• The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
• The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Congress is working with the Administration on a new appropriation bill to further fund the SBA PPP and EIDL emergency assistance programs.

CNBC reports:

•   As of Sunday night, Senate Democrats and Republicans were negotiating a deal that would allocate $310 billion more into the Paycheck Protection Program, setting aside $60 billion for rural and minority groups
•   The remaining $60 billion would go to the Economic Injury Disaster Loan program, a separate program offering loans for small businesses.
•   Treasury Secretary Steven Mnuchin told Republicans on a call Sunday afternoon that open items are limited to increased federal funds for coronavirus testing.

When the SBA Economic Injury Disaster Loan (EIDL) Loan Advance program was announced, information only stated “up to $10,000”. We have now learned the amount will be calculated as $1,000 per employee.