As a result of the unprecedented Corona Virus pandemic, Congress passed bipartisan economic relief legislation. The components include stimulus payments to individuals, expanded unemployment benefits and coverage, student loan modifications, changes to retirement rules, help to small businesses, and more. You can find out more about the two main SBA loan packages:
For your reference, we have summarized some additional areas where small business can find support.
What is SBA Debt Relief program?
Under this program, certain small business can get non-disaster loans (7(a) loan, 504 loan and microloan). SBA will cover all loan payments on the already existing loans, including principal, interest and fees for 6 months. In addition, you can also apply for this loan within 6 months of Stimulus Bill enacting.
How I can apply for these loans?
- 7(a) loan: You can apply with a bank or Mission based lender
- 504 loan: You can apply through a Certified Development Company
- Microloan: You can apply through a Mission based lender
You would have to check the requirements of the specific banks, mission based lenders, or certified development company to find out what are their specific requirements and whether you could apply for this loan even if you are a foreign national.
What is Express Bridge Loan Program?
This loan program allows certain small businesses who currently have a business relationship with an SBA Express Lender to get up to $25,000 without paperwork.
You can read all the requirements and find out if you qualify for this loan when you click here.
How can I apply for this loan?
Express bridge loans can be only provided by certain Express Lenders that had a valid SBA Form 2424 in effect as of March 13, 2020.
Other forms of Relief
You should also check programs with your State and local Government. For example, New York has a program where they will offer loans of up to $75,000 and grants up to $27,000 when business has dropped more than 25%. You should check with State and local officials for details.
Public Charge Rules:
You can find a full description of the public charge rules and the impact of those rules on any forms of assistance by clicking here.
You can find key immigration information related to the Coronavirus below:
- Impact of Stimulus Bill on my immigration status
- Top 10 Covid-19 Immigration Questions
- Implications of Layoffs for employers who have employees on H-1B and/or E-3 Visas
- USCIS announces flexibility for request for evidence (RFE) and Notice of Intent to Deny (NOID)
- Information on Consular closures during Covid-19
- USCIS issues guidance on Remote 1-9 verification during Covid-19
- USCIS office closures due to Covid-19
- Can I apply for Unemployment Insurance Benefits while on a Visa?
- Canada/U.S. Border Closures
- USCIS announces temporary suspension of premium processing
- What can you do if your ESTA is running out?
- Travel Ban for Europe
- Stimulus Bill (All 800 pages)
- Information on Small Business Loans related to the Stimulus package
- USCIS to accept scanned/reproduced signatures instead of “wet” signatures on immigration petitions and forms
- Implications of furlough or termination if you are on a TN visa
- Does the Stimulus Bill impact my immigration status? Is there a public charge concern?
- Understanding the Stimulus Package for Small Businesses and the Paycheck Protection Program
- Small Business Administration COVID-19 Loans