EDC — Paycheck Protection Program Reopens 4/27

Good Morning Partners, Clients and Friends,

PAYCHECK PROTECTION PROGRAM REOPENS MONDAY

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 7:30 AM.

If you are seeking additional capital through the Paycheck Protection Program, we highly encourage you to review our Federal Funding Preparation Guide in advance of any application you may submit.

SBA’S ECONOMIC INJURY DISASTER LOAN STATUS

With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.

For more information please visit SBA’s website.

LOCAL FUNDING OPTIONS

EDC DISASTER LOAN FUND

EDC is offering $5,000- $50,000 at 4.25% interest and a 48 month term through our Disaster Loan Fund to give a cash flow boost to businesses impacted by reduced sales, supply chain disruption or other challenges related to COVID-19. Email loans@edcollaborative.com for more information.

WOMEN’S ECONOMIC VENTURES (WEV) QUICK RESPONSE LOAN

WEV’S Quick Response Loan is designed to provide financial support to businesses experiencing economic hardship. Loans of up to $10,000, with a 4.5% fixed interest rate and 36 month repayment term are available to eligible businesses. Visit WEV’s website for more information.