Since the arrival of the COVID-19 pandemic, the Small Business Administration (SBA) Paycheck Protection Program (PPP) loans and Economic Injury Disaster Loans (EIDLs) have gotten the most attention from businesses seeking a quick cash infusion.
But the SBA has several other loan programs that pre-date the pandemic and don’t require a disaster for eligibility. These include the following:
7(a) loans: general small business loans of up to $5 million
504 loans: loans of up to $5.5 million to provide financing for major fixed assets such as equipment or real estate
Microloans: short-term loans of up to $50,000 for small businesses
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act appropriated $17 billion to provide a temporary payment subsidy to businesses with ... Log in to view full article.