Webinar: SBA Paycheck Protection Program and Economic Injury Disaster Loan

Via Zoom, join Jon Myers, business advisor with Indiana Small Business Development Center as he walks you through the process of applying for SBA loans designed to help businesses recover from the disruption caused by the COVID-19 Outbreak.

Details of program delivery are being revealed each day, but the federal stimulus package features a $350 billion lending program that aims to jumpstart the economy. These programs are designed to get money to those who need it as fast as possible, with less paperwork, and fewer strings attached.

The new Paycheck Protection Program provides a direct incentive for small businesses to keep their workers on payroll by providing each small business a loan up to $10 million for payroll and certain other expenses. If all employees are kept on the payroll (or rehired) for eight weeks, SBA will forgive the portion of the loans used for payroll, rent, mortgage interest, or utilities. Up to 100 percent of the loan may be forgivable. The unforgiven portion carries a 1% interest rate. 

The Economic Injury Disaster Loan uses a streamlined online application process to get smaller loans to small businesses and promises a three-day advance payment of $10,000. 

Each session is limited to 20 participants to allow for Q&A.