Congresswoman Susan W. Brooks

Representing the 5th District of Indiana
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SBA COVID-19 Info

U.S. Small Business Adminstration COVID-19 Info

The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.

The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
    • Interest rate of 0.5%
    • Maturity of 2 years
    • First payment deferred for six months
    • 100% guarantee by SBA
    • No collateral
    • No personal guarantees
    • No borrower or lender fees payable to SB

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Indianapolis Small Business Recovery Grant for Minority, Immigrant and Women-owned Businesses

LISC Indianapolis is excited to announce the launch of the Indianapolis Small Business Recovery Grant for Minority, Immigrant and Women-owned businesses. Here’s the link to the small business grant website in English and in Spanish.

Grant Amount: $5,000
Eligibility: Minority, immigrant or women-owned businesses with 1- 10 employees. Also available to undocumented business owners. Eligible businesses must be operating in these areas. Nonprofits are not eligible to apply.
Use: commercial rental assistance, utilities, payroll, debt, operating costs and working capital
Deadline: The application opens Tuesday, May 5th at 12 PM and will close Saturday, May 9th at 11:59 PM or until we reach 1,000 applications
Applications: To apply, business owners will need to submit an online application (around 25 questions) and no documents will be required (we will only request W-9 and tax identification from finalists to move forward with an award). The application is available in English and Spanish. 
Questions: Please email indysmallbizgrant@lisc.org.  

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Additional Resouces: 

To visit the Small Business Resource Page on Coronavirus.gov, click here.

To visit the U.S. Small Business Adminstration's Paycheck Protection Program Page, click here.

To visit the U.S. Small Business Adminstration's Small Business Guidance and Loan Resources Page, click here

For a FAQ Sheet from the Small Business Administration and U.S. Treasury Department on the Paycheck Protection Program Loans, click PDF iconhere.

For more detailed information on the Paycheck Protection Program for Borrowers, click here for a Fact Sheet from the U.S. Treasury Department.

For a Paycheck Protection Program Application Form for Borrowers, click here

For a Paycheck Protection Program Application Form for Lenders, click here

Click PDF iconhere, to read a letter I sent to Hoosier Lending Institutions and Small Businesses with information on the S.B.A. Paycheck Protection Program. 

 

https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf?utm_source=2019+House+GOP+Staff+List&utm_campaign=e4f2cb6620-EMAIL_CAMPAIGN_2019_01_31_08_56_COPY_01&utm_medium=email&utm_term=0_a8407dc016-e4f2cb6620-147399537

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Information for Lenders: 

SBA and Treasury value all lenders and their small business customers.

For the benefit of small business customers and their employees, SBA and Treasury are working on ways to optimize the loan processing system.

Robotic Processing Automation (RPA), which are robotic systems used by some banks to mimic human data entry, may not be used to submit Paycheck Protection Program loans into SBA’s E-Tran loan system. 


RPAs burden the processing system and diminish its capabilities. Without RPAs, the loan processing system will be more reliable, accessible, and equitable for all small businesses.    

Application Programing Interface (APIs) will still be permitted. If you are a lender who needs assistance converting your submission process to a non-RPA API, contact Sheri McConville. (Sheri.Mcconville@sba.gov)

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Economic Injury Disaster Loan Assistance

Small businesses are still eligible to apply for low interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.

  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made, the information on the application process for Economic Injury Disaster Loan assistance will be made available to affected small businesses within the state.
  • SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%. 
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. 
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
  • For additional information, please visit SBA.gov/disaster.
  • For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.
  • To contact an Indiana District Office email Indiana@sba.gov.

https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans

https://www.uschamber.com/report/guide-sbas-economic-injury-disaster-loans


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Main Street Business Lending Program

On April 9, 2020, the Federal Reserve announced the creation of a Main Street Business Lending Program. The program will support small and mid-sized businesses that were in good financial standing before the public health crisis.

  • This facility will ensure credit flows to small and mid-sized businesses that may not have been supported through the Paycheck Protection Program or the Fed’s other lending facilities.
  • The Treasury will invest $75 billion into a special purpose vehicle (SPV) to purchase eligible loans.
    • The facility can purchase up to $600 billion in loans.
    • The SPV will stop purchasing loans on September 30, 2020, unless extended.

For more information on the Main Street Business Lending Program and eligibility requirements, click PDF iconhere.

For a FAQ Sheet on the Main Street Business Lending Program, click PDF iconhere.

For more information on Federal Reserve Facilities, click PDF iconhere