The programs and initiatives in the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was passed by Congress are intended to assist business owners with whatever needs they have right now. When implemented, there will be many new resources available for small businesses, as well as certain non-profits and other employers. This guide provides information about the major programs and initiatives from the Small Business Administration (SBA) to address these needs, as well as some additional tax provisions that are outside the scope of SBA.
To keep up to date on when these programs become available, please follow us on social media: Facebook.com/AlabamaSBDC, or follow SBAgov on Twitter.
All businesses, sole proprietors, and independent contractors can now submit applications. You may want contact your lender to determine what type of financing may already be available to your small business. Many of the lenders that work with the Alabama SBDC are already offering 90 to 120 day deferrals for bridge loans.
- >> FORGIVENESS APPLICATIONS <<
- Forgiveness Application (6/16)
- Forgiveness Application Instructions
- EZ Application (6/16): For borrowers that are self-employed and have no employees, OR did not reduce wages of their employees by more than 25% and did not reduce the number of hours worked, OR experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce salaries or wages by more than 25%.
- EZ Application Instructions
- Frequently Asked Questions (FAQ): Disaster Loans (Offline, pending a revision 5/1)
- Lenders Accepting Applications from Non-Customers / New Customers (4/24)
- SBA’s Lender Locator Tool (4/2)
- PPP APPLICATION Form (4/2)
- Borrower Information Fact Sheet (Note: Interest is 1%.)
- FAQ Regarding Faith-Based Organizations
- SBA Affiliation Rules
- SBA’s Interim Final Rule provides guidance to lenders, and clarifies some details regarding payroll calculation and independent contractors.
- Small Business Owner’s Guide to the CARES Act (From the US Senate) Taken offline; dated & incorrect data.
To receive updated information on webinars and other disaster recovery information, please subscribe below.