COVID-19 has been an unprecedented disruption for organizations and individuals globally. While the impact has been universal, small businesses have been particularly hard hit by COVID-19.
In response, the recently passed CARES Act includes critical access to financial assistance for small businesses. But with many options now available, it can be hard to determine eligibility and apply, potentially delaying access to needed funds.
As a part of our ongoing efforts to help our communities during these unique times, we’re excited to share the launch of the COVID-19 Small Business Loan Accelerator.
What is the Small Business Loan Accelerator?
This free, publicly available online diagnostic tool helps small business owners quickly evaluate eligibility for financial assistance programs offered by the Small Business Administration and generate an application for the Paycheck Protection Program (PPP).
The application provides the following to small businesses:
- Information on key programs available through the CARES Act
- A diagnostics tool to determine eligibility for these programs
- Guided form completion of the PPP to submit to lender
How does it work?
Simply visit the application page here and go through the following process:
- Answer a series of short questions about you and your business.
- Learn what programs you’re eligible for.
- Your PPP form will be filled out automatically and ready for submission.
You can determine eligibility for a number of programs available through the SBA, including:
- Paycheck Protection Program (PPP): This program provides 100-percent federally guaranteed loans to employers who maintain their payroll during this emergency.
- Economic Injury Disaster Loans (EDIL): These lower interest loans of up to $2 million are available to pay for expenses that could have been met had the disaster not occurred.
- 7(a) Loans: The SBA’s primary loan for providing financial assistance to small businesses—terms and conditions vary by specific loan type.
“With COVID-19’s devastating impact on small businesses, the CARES Act puts forth a range of substantial programs and money to help small businesses adapt quickly,” said Jay Jamison, chief product & technology officer at Quickbase. “The problem is that small businesses often struggle to navigate the maze of government regulations and programs successfully. Quickbase is committed to doing our part to help, and we have built this app to provide a way to streamline the process small business owners will have in applying for relief, aid and loan programs.”