COVID-19 CARES Act Resources Available for Small Businesses

The CARES Act has created two SBA Funding Programs Available for Small Businesses Impacted by COVID-19- Economic Injury Disaster Loans, and the Paycheck Protection Program. An applicant can choose to apply to either one, or to both as long as they do not duplicate for the requested item.

*Note applications are reviewed on a first in, first out basis. If a business is considering applying, apply as soon as possible.

Economic Injury Disaster Loans (EIDL)

SBA is offering low-interest federal disaster loans for working capital to (a) small businesses or (b) private nonprofit organizations that are suffering substantial economic injury as a result of the Coronavirus. A $10,000 Emergency Cash Advance is also Possible with this program.


  • Your business must be experiencing a business loss due to COVID-19
  • Entities may qualify for loans up to $2 million
  • Maximum unsecured loan amount is $25,000
  • Interest rates: 3.75% for small business; 2.75% for private nonprofits
  • Term – up to 30 years
  • Use of funds: working capital, paying fixed debts, payroll, accounts payable, other bills that could have been paid had the disaster not occurred
  • Loans are NOT intended to replace lost sales or profits or for expansion
  • There is no obligation to take the loan if offered
  • Applicants can have an existing SBA loan or other SBA loan and still qualify for this disaster loan. Loans cannot be consolidated.

SBA Application Direct Link- Application for this program is directly through the SBA.


The Paycheck Protection Program (PPP)

The program provides:

  • 8 weeks of Payroll Expenses + 25% for time period February 15, 2020 – June 30, 2020
  • Loan Amount up to $10 Million
  • Can be 100% Forgivable (grant) if conditions met
  • 0.5% Interest on non-forgivable portion
  • 2 Year term


SBDC Presentation on CARES ACT Information Session

The Small Business Development Center (SBDC) is an important Capital Region liaison and resource for SBA programs. Their presentation on SBA programs including the Paycheck Protection Program and the Economic Injury Disaster Loan Program (EIDL) is included here.


Paycheck Protection Program Application and Process

Applications for the Paycheck Protection Program are made through eligible SBA 7(a) Lenders as listed here.

The Paycheck Protection Program Application Use this form to apply for the Paycheck Protection Program with an Eligible Lender


Technical Assistance Resources

If you need guidance for SBA programs and application assistance, here are contacts for resources:

Albany Small Business Development Center (SBDC)

  • Contact staff via the website. Use the online form to schedule an appointment for counseling.

Community Loan Fund (designated Community Development Financial Institution)