Loan Options for Small Business Owners

NC COVID-19 Rapid Recovery Lending Program
​Funded by the Golden Leaf Foundation. Currently accepting new applications.

Paycheck Protection Program (PPP)
This loan program allows up to 8 weeks of a forgivable loan to cover payroll costs and benefits. Loans are provided directly by local SBA lenders. The application is directly on the Department of Treasury's website and can be accessed at this link. If you applied for the PPP Loan and haven't received any confirmation, call your local bank and ask them for an update.

Click to Download the PPP Loan Forgiveness Application (Form 3508) pdf

Find a local lender for the PPP loan. Your business bank may not be able to accept applications for the PPP loan at this time.

Other banks currently accepting applications from non-customers include:

Need A Loan Now That The Paycheck Protection Program Is Running Again? Try These Nonbank Lenders
Link to article in April 27, 2020 issue of Forbes.

PPP Loan FAQs pdf

EIDL - Economic Injury Disaster Loan - Applications only open to agricultural businesses as of 5/4/2020.
This streamlined loan application directly through the SBA and funded by the Department of Treasury, includes the option to apply for up to a $10k grant while completing the application. This application is not through your local lender. 

****Update as of 4.16.2020 
Notice: Lapse in Appropriations.
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Agricultural businesses may apply.
***EIDL & PPP applications received will be processed in the order received. There is no guarantee of funding at this time and processing times have not been shared. 

Comparison of EIDL and PPP Loans pdf

SBA Express Bridge Loans
This express loan is for up to $25k and is only open for borrowers with an existing SBA lender relationship to quickly access funds. If you have a local SBA lender relationship, this may be an option for you. Check with your local lender.

SBA Debt Relief
This program is for borrowers with current SBA loans. 
  • 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.

Get counseling help to apply for the right loans for you. Click here to request confidential, free, 1x1 virtual business counseling.

Other Financial Support Options:

Non-profit Lenders / CDFIs:
The Community Development Financial Institutions Program (CDFI Program) actively work to serve low-income and under-served people and communities.Contact these local lenders to learn more about their programs.

Financial Templates and Guidelines:

Accounts Payable and Business Debts:
Contact your lenders and other creditors.
If you’re not able to pay your bills on time, contact your lender directly to ask for a 90 day pause, you can also check their websites.

Contact your landlord if you lease a physical location.
Your landlord may be willing to negotiate or allow you to delay rent payment. If you have applied for a PPP loan, you should share that with your landlord as well.
Updated 5/18/2020 2:42:38 PM
Site Content © 2020, North Carolina Community College SBC