Updates for our Business Clients on the SBA's Economic Injury Disaster Relief Loans (EIDL) and Paycheck Protection Program (PPP)
Due to the almost daily changes to the small business relief programs, the best advice we can provide is to encourage you to visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options and read the information provided directly from the Small Business Administration, the administrator of the programs. Be aware that things are changing very frequently, so reading a news article from a few days ago may provide you with outdated information.
There have been continuing changes and challenges deploying these funds on a National scale. Therefore, you should understand the basics of the programs, and then allow your lender to answer any remaining questions. If you require more assistance from the SBA, you may be able to find a local office by clicking here: https://www.sba.gov/local-assistance. Many local governments and congressional representatives’ offices, CPA's and other financial professionals are also offering assistance.
To begin the application process, we suggest starting with a financial institution that you already have a commercial business relationship with such as credit card, auto / equipment loan, etc. Your next best bet will be your bank or credit union where you maintain a commercial checking or savings account (if different from above). You may also be able to find a lender by clicking here: https://www.sba.gov/paycheckprotection/find. Additional options have become available as some non-bank, automated, online lenders such as PayPal and Intuit, have received approval to administer these loans.
NOTE TO OUR CLIENTS: Please beware of other lenders offering "quick business loans", as they may not be the same rates and terms as these programs above. Pay careful attention to the website address or "URL" and potential referral links from "look alike" sites.
While we are not currently providing these emergency loans through Commercial Capital Ltd. FL, we will advise you immediately should this change. As a valuable client of ours, we want to emphasize that you may be held responsible to pay back some or all of the money if certain conditions aren’t met. Please consider your company’s unique circumstances when deciding if these programs are right for you.
Keep in mind these relief loans (EIDL & PPP) each have specific allowable uses designed to keep businesses from closing and employees from losing their jobs.
If you are seeking to use the SBA-insured loan programs we provide, SBA 7(a) and 504, for business uses of proceeds including expansion, inventory, equipment, real estate and so on, we are still lending through our established funds and will continue to assist you with these.
We wish you, your company, and your family all the best in safely navigating through these challenging times.
*Check back with us often - all information is subject to change.
SBA Economic Injury Disaster Relief Fund
For more information or to apply for the SBA's Economic Injury Disaster Relief Program, please visit the SBA's website directly by CLICKING HERE.
*Commercial lenders and brokers, like those at ComCapFL, are unable to assist with filing for relief grants. Please, rather than calling our offices, apply for these directly!