From the Desk of Rodney Crim

CARES Act Highlights

During this turbulent time, we want to ensure that our partners know what resources are available to them, particularly the Coronavirus Aid, Relief, and Economic Security (CARES) Act .

As the majority of you know, the CARES Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.

The CARES Act offers businesses and their employees financial support in the ways they need it.

In addition to the funding from the CARES Act, STL Partnership is facilitating a $5,000 zero-interest bridge loan for small businesses in St. Louis County and St. Louis City. Find out information about the Small Business Resource Program here.

Stay strong and know that the STL Partnership is here to help you and your businesses.

CARES ACT HIGHLIGHTS

Information From the SBA

SBA Economic Injury Disaster Loans

Available to businesses and nonprofits, 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. Apply online directly with SBA .

SBA Economic Injury Disaster Advance

Applicants for SBA’s economic injury disaster loan program can apply for a loan advance of up to $10,000. To access the advance, you must apply for an SBA Economic Injury Disaster Loan (EIDL).

Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid. Apply online directly with SBA .

Express Bridge Loan Pilot Program

This program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan.

If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.

SBA Small Business Debt Relief Program

Provides relief to small businesses with non-disaster SBA loans. SBA covers principal and interest on new 7(a) loans issued prior to September 27, 2020 and current 7(a) loans for a period of six months.

To access this program, contact your SBA lender for more information or click here.

Counseling & Training

Business counselors are available through your local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter to guide through this uncertain time. Counseling is free and training is low-cost. Check availability here.

IRS Employee Retention Credit

The Employee Retention Credit provides a refundable payroll tax credit for 50 percent of wages paid by eligible employers. This resource is not available to employers receiving assistance through the Paycheck Protection Program. Learn More .

Paycheck Protection Program (PPP) Loans

Provides cash-flow through forgivable federal loans for employers wh o maintain their payroll despite closures or disruptions. Approved lenders may begin processing loan applications as soon as April 3, 2020. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Learn more .

Click here for FAQ's on PPP.

To learn more, view the infographic below.

For more information, please visit the SBA website here.