Relief

Is On Its Way

We are committed to helping the Small Business Community.

Our team is working with business owners across the nation to help streamline your access to relief funds and secure additional funding if needed.

We stand by our borrowers in the good times and bad times.

Ready to get started?

Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. 

 

This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

ELIGIBILITY

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

 

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. 

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.

What Is the Paycheck Protection Program?

 

The Paycheck Protection Program provides federally-guaranteed loans to eligible small businesses. Loans can be up to $10 million and may be partially forgivable. These loans are intended to help small businesses retain employees throughout and after the Coronavirus (COVID-19) crisis.

As dictated by the CARES Act, the SBA has committed to helping small business owners across America borrow $349 billion. The Paycheck Protection Program covers operational expenses beginning February 15, 2020 and ending on June 30, 2020.

Is Your Small Business Eligible for the Program?

 

The CARES Act has expanded the eligibility criteria for borrowers to qualify for a Paycheck Protection Program loan. Any qualified small business, nonprofit organization, veterans organization, or tribal business is eligible to review a loan if the business employs 500 or less people.

How Can You Use Your Paycheck Protection Program Loan?

 

The loan may only be used for:

  • Payroll costs and employee commissions or similar compensations

  • Insurance premiums and group healthcare benefits during paid sick, family, or medical leave

  • Mortgage interest payments (but not prepayment or payment of mortgage principal)

  • Commercial space rent and utilities

  • Interest on any other debt obligations incurred before the covered period

Important Disclosures:  

 

The SBA program details are still being developed. Eligibility requirements and amount are both subject to change. Ivy Lender is a financial technology company, not affiliated with the SBA, Dept. of the Treasury, or any government agency.

This site is for informational purposes only. It is not intended to constitute professional advice, including legal, financial, or tax advice, nor is Ivy Lender providing advice on any particular situation. Not a loan offer or a commitment to lend.

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© 2020 Ivy Lender

Tel: 1.800.719.8223 

 

*Subject to approval.  

**Additional information will be required during application process.

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