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.
Please note:
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.
