As of April 25, 2020

A new stimulus program was signed into law on Friday, April 24, 2020. It contains additional opportunities for small businesses to gain loansand/or grants. Namely, it contains two main programs – $10K and the Payroll Protection Program (PPP). 

You will be able to apply for the $10K loan/grant as soon as the SBA starts accepting applications again. You will need to check periodically, ideally a couple of times a day. It is on a first-come first-serve basis. You can only apply online, at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance.

As for the PPP, SBA informed us that it will start accepting applications on Monday, April 27, 2020, at 10:30 am EST. Some banks are already accepting applications in order to be ready to submit them on Monday to the SBA. To apply, you will need to know your average monthly payroll for 2019 (check your W-3 box #1 and divide it by 12). You may borrow up to 2.5 times your average monthly payroll, and you don’t have to repay it if money is used to pay employees (at least 75% of the borrowed amount). The emainder may be used for other business expenses, like rent, utilities, etc. To apply, you should start with your business bank; if they are not able to help, you should try other local banks. I understand INUIT — through QBooks and PayPal — are accepting applications for the PPP, which will be submitted to the SBA on Monday morning. I’m sure there are more lenders you may be able to locate online. You can find more information on the PPP at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

Other funding options

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options