Loans for Small Business
Small Business Administration (SBA)
Paycheck Protection Program (PPP)
NOTE: Small businesses and nonprofits must apply for the PPP by August 8, 2020 to be eligible for funding.
- The Paycheck Protection Program Flexibility Act was passed on June 5. It provides several changes to the PPP that benefit small business.
- Small business, 501(c)(3) nonprofits, sole proprietorships, self-employed individuals, and independent contractors are eligible to apply. Generally, businesses with 500 employees or less can apply. Consult the SBA regulatory guidance for exceptions.
- Applications are processed by SBA approved lenders, which include banks, credit unions, and community development financial institutions.
- Potentially forgivable loans up to 2.5 times average monthly 2019 payroll. Loans will be capped at $10 million.
- PPP loans have a 0.50% fixed rate. All payments are deferred; however, interest will continue to accrue over this period. New loans are due in 5 years. For loans made before June 5 lenders and borrowers can mutually agree to extend the maturity up to 5 years. There are no prepayment penalties or fees, no collateral or personal guarantees are required.
- Allowed uses include payroll, utilities, rent, or interest on a mortgage. At least 60% of the forgiven amount must be used for payroll the 24 weeks after the loan is disbursed.
View more information and Frequently Asked Questions about PPP Loans.
SBA Lenders in San Antonio
View a list of SBA lenders in San Antonio compiled by the San Antonio Economic Development Foundation.
SBA Debt Relief
- SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for 6 months
- SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
For more information, please visit SBA Debt Relief.
Additional Information about SBA's Coronavirus Relief Program
Please visit the SBA website for more details.
Economic Injury Disaster Loans
NOTE: The Economic Injury Disaster Loan (EIDL) program is still accepting applications, but the EIDL Advance program has run out of funding and applications are closed at this time.
The U.S. Small Business Administration has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to small businesses and U.S. agricultural businesses experiencing economic impacts due to COVID-19. Apply for long-term, low interest loans and emergency grants by going to the SBA's Disaster Assistance webpage.
The new eligibility for agricultural businesses is made possible because of additional funding appropriated by Congress in response to the COVID-19 pandemic. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Main Street Lending Program
The Main Street Lending Program is a new program offering federally backed loans to assist small and medium-sized companies due to the coronavirus pandemic. Main Street Lending Program loans are not forgivable. This program offers five-year loans with floating rates, with principal payments deferred for two years and interest payments deferred for one year. Minimum loan size is $250,000. Eligible lenders will work directly with businesses to determine eligibility and loan approval. To learn more, visit the Federal Reserve Bank of Boston’s webpage.