The MB Chamber of Commerce recognizes that the COVID-19 crisis is wreaking financial havoc on all businesses. We have compiled a guide on how to apply for aid.
Small Business Applications can be filed starting on April 3rd. Sole Proprietors, Independent Contractors, GIG can apply to start Friday, April 10th.
(applications must be filed with a financial institution, NOT on the SBA.Gov site).
- Visit SBA.GOV for all information on how to apply and programs that are being made available as a result of the COVID-19 Pandemic.
- Given the contagious nature of COVID-19, there will be NO field reps deployed into the business communities.
- Apply on-line for disaster assistance.
- On-line apps will receive a faster response and is necessary to receive email notifications, updates, and alerts regarding additional information needed.
- View the 3-Step Application Process and Required Documents first
- Paper applications are available, but not recommended
- Loan amounts of up to $2M are available to small businesses for “normal” business obligations.
- 1st payment can be deferred for up to 12 months.
- Interest rates vary from 2.75% for non-profits and up to 3.75% for small biz.
- Interest begins to accrue with the first disbursement of funds.
- Loan Eligibility
- Must qualify as a “small business”. Visit SBA Size Standards to determine if you are a size fit.
- Churches and Synagogues do NOT qualify for “economic injury”.
- Repayment ability will be considered, but the SBA might be more flexible than other programs and realizes the COVID-19 has created unprecedented circumstances and that each case is unique.