Does your small business need help because of the economic impact of the Coronavirus (COVID-19)? If you’re not sure where to start, contact Affinity Beyond Capital today to help you get started on finding relief through affordable funding backed by the Small Business Administration. Affinity Beyond Capital has one of the most trusted reputations in the lending industry and we will help provide you with the funding necessary to keep your small business up and running during these difficult times.
Affinity Beyond Capital is an approved SBA Loan Partner – Contact us for COVID Relief Funding Details
The Coronavirus (COVID-19) pandemic crisis has almost everyone in the business world feeling uncertain about their future. To combat these fears and help keep the US economy running smoothly, Congress has passed the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The current Senate Majority Leader, Mitch McConnell, is calling this bill an emergency relief plan.
The bill offers emergency grants and a forgivable loan program to small businesses with 500 employees or less. The emergency grants are up to $10,000 and can be used for immediate operating costs. The forgivable loans are offering up to $10 million per business and can be used for keeping employees, payroll, rent, mortgage, and existing debt as long as the existing employees are kept through June.
Through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the SBA will issue low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury resulting from the Coronavirus (COVID-19).
Working with lenders such as Affinity Beyond Capital, the SBA is offering loans to small businesses and some nonprofit organizations to help deal with current and future economic strains stemming from the Coronavirus (COVID-19) crisis. Their Economic Injury Disaster Loan (EIDL) offers up to $2 million in relief assistance and economical support for small businesses. These loans can be used for payroll, accounts payable, fixed debts, or other bills that aren’t paid due to the current pandemic.
To ensure payments are kept affordable, these SBA loans are offering a long-term repayment schedule up to 30 years with terms determined by each borrower’s ability to pay on a case-by-case basis. For small businesses, the interest rate is 3.75% while the interest rate for nonprofits is 2.75%.
Economic Injury Disaster Advance Loan
With the Economic Injury Disaster Advance Loan, small businesses in the US, Washington DC, and US territories are eligible to receive as much as $10,000. These funds are intended to bring economic relief to small businesses that are temporarily losing revenue due to the current Covid-19 pandemic. Funds from the loan will be available within three days of a successful application and do not have to be repaid. Click here for the Covid-19 Economic Injury Disaster Loan Application.
Paycheck Protection Program
The Paycheck Protection Program (PPP) is a government program utilizing nearly $350 billion in loans to allow small businesses to continue paying employees while covering other expenses. The PPP is for small businesses, eligible nonprofits, veterans organizations, and tribal businesses. It also applies to self-employed individuals and independent contractors who meet size eligibility requirements.
If eligible, recipients can receive a loan up to $10 million that can be deferred for six months. The exact size of the loan is determined by the most recent eight weeks of payroll in addition to 25% of that amount. If the small business retains its employees, funds can be used for payroll and certain other expenses during the first eight weeks after loan origination.
SBA Debt Relief
This program provides relief to small businesses as they deal with COVID 19-related issues by paying the principal plus interest of new 7(a) loans issued before September 27, 2020 in addition to current 7(a) loans for a period of six months.
SBA Express Bridge Loans
The Express Bridge Loan Pilot Program gives small businesses access up to $25,000 with minimal paperwork and is intended to help with temporary loss of revenue. To qualify, a small business must already have a business relationship with an SBA Express Lender. The loan can be a term loan, or it can be used to bridge the gap while they apply for a direct SBA Economic Injury Disaster loan.
If a small business is waiting for qualification and disbursement of the Economic Injury Disaster Loan (EIDL) and urgently needs cash, they may qualify for the SBA Express Disaster Bridge Loan. The terms offered up to $25,000 with a quick turnaround and can be repaid in full or in part with proceeds from the EIDL loan.
Call Affinity Beyond Capital today at (833) 234-6489, or complete the loan form below, or send us a message to get started, for free.