The SBA Loan Programs

Economic Injury Disaster Loan (EIDL)

EIDL Advance (ended on 7/11)

SBA Express Bridge Loan

This a fast turn around loan for up to $25,000 meant to bridge the gap between the time funds are needed and receipt of the EIDL Loan. The EIDL should pay back the bridge loan.

A limitation of this loan is that you must already have a relationship with an SBA 7(a) lender.

Get more information from the SBA here.

Small Business Debt Relief

If you already have a small business loan, a 7(a), 504, or microloan that is in regular servicing status.


If you secure a 7(a), 504, or microloan before September 27, 2020 (this does NOT include PPP or EIDL loans).


The SBA will make payments on your behalf for six months. You do not have to apply for this assistance.

Read more about this program here.

Paycheck Protection Program (PPP)

 This program is not currently available, but you will want to start thinking about forgiveness over the next couple of months.

It may become available again, we will change this post if it does become available.

SBA Express Loan (SBA Express Lenders)

The SBA Express loan program is a part of the SBA 7(a) loan program.

It is not specific to the COVID crisis, it is designed to help small businesses grow.         

Normally, the maximum loan amount for borrowers is $350,000, the SBA has increased this limit to $1 million through the end of 2020.

They can offer the loan as a revolving line of credit.

The interest rate depends on the borrower, it can be fixed, variable, tied to the prime rate, LIBOR, or optional peg rate. The maximum is set by the SBA and is currently 6.5% over the base rate for loans of $50,000 or less and up to 4.5% over the base rate for loans over $50,000.

For loans up to $25,000, lenders are not required to take collateral, but they may require collateral for loans between $25,000 and $350,000.

To apply you must speak with an approved SBA 7(a) Lender. The SBA publishes a list of active lenders here. But you can also search for SBA lenders in your area.

Community Advantage Recovery Loan (CARL)

Loans available through Certified Development companies to help small businesses adapt to changing business conditions in the COVID-19 environment.

Read more about the Community Advantage Recovery Loan Here.