April 27, 2020 Update
The below information has been provided by the South Carolina Chamber of Commerce
The US Small Business Administration (SBA) will resumed accepting PPP loan applications at 10:30 AM on April 27.
To assist with the roll-out of the program on Friday, April 24, the US Department of the Treasury (Treasury) and the SBA issued new guidance for borrowers and lenders about how to calculate the maximum loan amount for which each business may qualify. Also, the agencies have already updated their Frequently Asked Question (FAQ) sheet for banks loaning the additional PPP funds, and the SBA Interim Final Rule remains in effect at this time.
To recap – President Trump signed a bill on Friday, April 24, allocating additional funds for COVID-19 response and relief. That package included $310 billion for PPP and $60 for Economic Injury Disaster Loans (EIDL) as well as hospital assistance and COVID-19 testing funds.
Below is a list of many of the official resources for businesses who need more information about PPP:
- More information
- Search Tool: Find an Eligible Lender
- Borrower Application Form
- Applicable Affiliation Rules
- More information
- Lender Application Form
- Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions
- Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders
- SBA Procedural Guidance on Participation Sales (Updated 4/24)
- Lender Assistance Hotline: (833) 572-0502
- Frequently Asked Questions (Updated 4/23)
- Interim Final Rule 1
- Interim Final Rule on Applicable Affiliation Rules
- Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
March 25, 2020 Update
The below information has been provided by the U.S. Small Business Administration
SBA Offers Disaster Assistance to South Carolina Small Businesses Economically Impacted by COVID-19
The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to South Carolina small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
The disaster declaration makes SBA assistance available in the entire state of South Carolina. SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.
Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of COVID-19 since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing.
Eligibility for Economic Injury Disaster Loans is based on the financial impact of COVID-19. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.
How to Apply
Please use the provided link for more information and to download the application https://disasterloan.sba.gov/ela.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance.
Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Completed applications should be mailed to
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
The deadline to apply for an Economic Injury Disaster Loan is Dec. 21, 2020.
For more information about available SBA resources and services, please visit SBA.gov/coronavirus.