Where Can I Get the Stimulus Loan to Support My Small Business?
The Small Business Association (SBA) will post a tool as soon as Friday to help small businesses find approved lenders participating in the coronavirus stimulus loan program.
The Paycheck Protection Program includes $350 billion for small businesses to cover the costs of salaries, bonuses, retirement benefits, parental leave and health care benefits. SBA-approved lenders and federally insured depository institutions, federally insured credit unions and Farm Credit System institutions will be able to make these loans if they opt in, per CNN. Some fintech companies may be able to make the loans as well.
If this is your first SBA loan, consider using your primary bank as lenders. They will be using the “Know Your Customer” regulations in an effort to streamline the process. You do not have to physically go to the bank to apply for a loan, owners are encouraged to apply online.