Small businesses are the lifeblood of a community and a crucial part of a thriving economy. The pandemic and ongoing uncertainty continue to impact all aspects of our economy. While companies across all industry sectors were affected, small businesses were among the hardest hit. As we all navigate this public health emergency, the U.S. Small Business Administration is working hard to connect local small business owners with critical resources.
The Arizona Technology Council presented a virtual event for attendees to learn more about the resources available for small businesses and hear valuable information on how apply for grants and loans. With a focus on the CARES Act Paycheck Protection Program and the SBA’s Economic Injury Disaster Loans, attendees will receive valuable information on how to apply for these critical loans.
A federal agency since 1953, the U.S. Small Business Administration offers business counseling, provides online tools to find an SBA lender near you to help fund your business, assists in helping business owners apply for a low-interest disaster loan, shares advice on how to qualify to win small business government contracts, and much more.
Moderated by Arizona Technology Council CEO Steven G. Zylstra, this insightful presentation geared toward small business owners seeking recovery assistance with SBA Loan Programs and recovery options which include:
- Paycheck Protection Program (PPE)
- Express Bridge
- Economic Injury Disaster Loans (EIDL)
- Small Business Development Center (SBDC) recovery assistance
Presenters Shivani Dubey, deputy district director of the SBA Arizona District Office, and Yolanda Stokes, public information officer with the U.S. Small Business Administration, also covered the differences between EIDL and PPE loans, the forgiveness calculation application process, deadlines to apply for loans and how to check on the status of your application.
“Without a doubt, it’s been a very dynamic and fluid situation,” said Shivani Dubey, deputy district director of the SBA Arizona District Office. “With a plethora of information out there, it’s challenging to make sense of the whole program and whether it’s right for you and your small business.”
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that requires fewer calculations and less documentation for eligible borrowers. Learn more HERE.
U.S. Small Business Administration Public Information Officer Yolanda Stokes added, “The average loan is around $110,000, which goes a long way in helping businesses get back on their feet to be more sustainable through the new year and beyond.”
“There was certainly confusion early on,” Dubey explained. “With streamlined processes in place, we’re trying to make it as easy as possible to help small companies stay in business.”
Contact the SBA
For help with applying for an Economic Injury Disaster Loan, call 800-659-2955 or email firstname.lastname@example.org. You can also use a text telephone (TTY) by calling 1-800-877-8339.
You can contact SBA’s Answer Desk by e-mail to email@example.com or at 800-827-5722 Monday through Friday, between 9 am and 6 pm ET, or speak with an American Sign Language (ASL) interpreter via videophone at 855-440-4960.
If you need help planning, starting, or growing your business, please reach out to your nearest SBA District Office: www.sba.gov/local-assistance/find