The Paycheck Protection Program isn’t the only relief for small businesses provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Among other provisions, the new law also expands the Small Business Administration (SBA) Express Bridge Loan program.
This program was created in 2017 to help businesses in federally designated areas expedite SBA loans of up to $25,000. This option has now been extended to small businesses affected by the coronavirus (COVID-19) outbreak.
An Express Bridge Loan may be obtained through any qualified SBA Express lender that has a relationship with the business seeking the loan. If your business qualifies, you may get your hands on the money within 45 days of the application date.
For more information about the SBA Express Bridge Loan program and other SBA resources relating to the COVID-19 outbreak, visit the SBA website or contact your financial advisor.