Join Small Business Administration’s Daily Calls for Guidance on COVID-19 Relief Programs

April 3, 2020 | Toy Association members interested in receiving loan and assistance information directly from the Small Business Administration (SBA) can now access daily webinars by contacting their local SBA district office.

The daily sessions are designed to assist business owners with their economic recovery from the effects of the coronavirus and explain the emergency capital programs summarized below. They also give companies the opportunity to speak directly with the SBA in included Q&A sessions. Members can easily locate and contact their closest SBA District Office by entering their zip code here.

SBA emergency capital programs are available today and include:

  • Paycheck Protection Program Loans: For small businesses needing funds to pay up to 8 weeks of payroll costs including benefits. May also be used to pay interest on mortgages, rent, and utilities. These are loans that may be fully forgiven. Additional information about this program is available here.

  • Economic Injury Disaster Loans (low-interest, long-term loans up to $2 million): The first payment is deferred for 12 months. The application has been simplified and can be completed online through the SBA web portal.

  • Economic Injury Disaster Loan Advance up to $10,000: The form to apply is part of the Economic Injury Disaster Loan application listed above. If approved, these funds can be used for payroll and other operating expenses and will be forgiven. Businesses that did not originally apply for the advance may apply now.

  • SBA Express Bridge Loans: These loans allow small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. They can be term loans or used to bridge the gap while applying for SBA Economic Injury Disaster Loan funding.

  • Current SBA 7(a) loans, 504 loans, or Microloans: Payments will be deferred for 6 months by the lender.

  • Existing SBA Disaster Loans (from previous Disaster declarations): Payments have been deferred through Dec. 31, 2020. Although no application for this is needed, businesses are required to stop/restart preauthorized debits for this.

Small businesses and sole proprietorships can apply with a participating lender beginning April 3, 2020. Independent contractors and self-employed individuals can apply beginning April 10, 2020. The SBA Disaster Assistance Customer Service Center can be reached 24 hours a day at 1-800-659-2955 (TTY: 1-800-877-8339). Contact disastercustomerservice@sba.gov for additional questions and guidance on the loan application process, including business eligibility.

Toy Association members are encouraged to sign up for SBA email updates online.