SBA Paycheck Protection Program

The CARES Act includes a federal small business loan program called the Paycheck Protection Program (PPP). The program is designed to get cash in the hands of small businesses quickly, and incentivize business owners to keep employees on payroll by offering them loan forgiveness. This loan provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits.

Loan Details & Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 60% of the forgiven amount must have been used for payroll).

Click here to read more about PPP loan forgiveness.

How to Apply

Under current law, SBA stopped accepting PPP applications on August 8, 2020.

Small Business PPP Information, Tools, and FAQs (Treasury Department)

The Treasury Department is maintaining a CARES Act “Assistance for Small Businesses” web page that contains useful links to borrower and lender information and application forms, interim final rules, and FAQs.

Economic Injury Disaster Loans (EIDL)

The SBA is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.

SBA resumed accepting new Economic Injury Disaster Loan (EIDL) applications on June 15 to all qualified small businesses, including U.S. agricultural businesses.


In order to be eligible, you must be a small business (500 employees or less). Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Application amount

You will not be asked how much you would like to borrow. The SBA uses the information you provide to determine the loan amount. Small businesses can receive a secured loan up to $2 million, and an unsecured loan up to $25,000.

Interest rate and term

The interest rates for this disaster at 3.75 percent for small businesses and 2.75 percent for non-profit organizations.

Collateral requirements

How to apply

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

Application assistance

While the application process may seem daunting, assistance with preparing financial statements and submitting the loan application is available from the SBTDC and other partners.

For information on the status of your economic injury disaster loan

Contact SBA disaster customer service: (1) By phone at 1-800-659-2955 (TTY/TDD: 1-800-877-8339); or (2) via email at disastercustomerservice@sba.gov

EIDL Advance - Discontinued

Note: All available funds for the EIDL Advance program have been allocated. By law, SBA is not able to issue EIDL Advances once program funding has been obligated and is no longer available. EIDL loan applications will still be processed even though the Advance is no longer available.

Information on how the EIDL Advance worked
The amount of the EIDL Advance was determined by the number of employees indicated on the EIDL application at $1,000 per employee, up to a maximum of $10,000. The EIDL Advance does not have to be repaid. Recipients did not have to be approved for an EIDL loan in order to receive the EIDL Advance, but the amount of the loan advance is be deducted from total loan eligibility.

SBA Express Bridge Loans

The Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster Loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Bridge Loan.

Businesses may apply for up to $25,000. The loan will be repaid in full or in part by proceeds from the SBA EIDL loan. To find an Express Bridge Loan Lender, see SBA’s Lender Match Tool or contact the NC SBA District Office.

SBA Debt Relief for Existing Loans

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 6 month payment relief is not a deferment, but actual debt forgiveness. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.

Deferments for SBA-Serviced Loans

To assist borrowers that have been adversely affected by COYID-19-related economic disruptions, the U.S. Small Business Administration (SBA) is providing deferment relief to its existing borrowers on certain SBA-serviced loans (disaster home and business loans and SBA-purchased 504 debentures) through December 31, 2020. For existing SBA borrowers with loans serviced by SBA that were in "regular servicing'" status on March I, 2020, SBA is providing an automatic deferment of principal and interest. For additional details, see the SBA Procedural Notice.

SBA Emergency Loans Overview & Comparison

Confused by the new SBA emergency loan programs? The CARES Act provides funding for the Paycheck Protection Program, modifies the existing Emergency Injury Disaster Loan (EIDL) program and provides immediate loan payment relief for current SBA 7(a) borrowers. The SBTDC’s SBA Emergency Loan Overview & Comparison publication provides an overview and comparison of the key components and eligibility requirements of these programs.