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Posted on: March 30, 2020

COVID-19 Impacted Businesses

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COVID-19 Impacted Businesses May Qualify for $10,000 Cash Advance/Grant Through SBA

In response SBAto the Coronavirus (COVID-19) pandemic, the CARES Act makes small business owners eligible to apply for an Economic Injury Disaster Loan (EIDL) advance of up to $10,000.

The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

 Businesses should visit the SBA’s updated Emergency Loan/Loan Advance portal website for additional information and to apply online. 

As opposed to typical SBA loans where the lender applies through a private financial institution, SBA Disaster Loans are applied for and funded directly through the SBA.
Specific questions regarding the SBA Disaster Loans, Disaster Loan Advances and other SBA support can be directed to the SBA Cleveland Office at 216-522-4180. 

SBA Conference Call: Disaster Loan and Loan Advance Update

Tuesday, March 31 at 1:00 pm

The Heights-Hillcrest Regional Chamber of Commerce is hosting a conference call Tuesday, March 31 at 1pm for small businesses and other stakeholders to learn more about the Disaster Loan and Loan Advance program and application process.

Please use the log-in information below to join the call:

Phone number: 712-775-7031 
Access code: 589142# 


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