Loans for Small Business
Small Business Administration (SBA)
Paycheck Protection Program (PPP)
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
SBA is currently offering PPP loans until May 31, 2021. President Biden announced program changes to make access to PPP loans more equitable.
- Small business, 501(c)(3) nonprofits, sole proprietorships, self-employed individuals, and independent contractors are eligible to apply. Generally, businesses with 300 employees per location 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. Previous PPP borrowers may be eligible to apply and should consult a SBA approved lender for more information.
- Potentially forgivable loans up to 3.5 times average 2019 monthly payroll for restaurants and 2.5 times average 2019 monthly payroll for other sectors with a maximum loan amount of $2 million.
- Greater flexibility in accepted uses of PPP loans to include payroll, inventory costs, rent, mortgage insurance, personal protective equipment (PPE), reconfiguration of spaces to enable social distancing, and cleaning costs.
- Tax Deductibility - Businesses can deduct allowable expenses paid with PPP loans
- Employee Retention Tax Credits (ERTC) will be available for the first two quarters of 2021 and will allow certain employers to take up to $7,000 per eligible employee retained during these two quarters. Employers who received a PPP loan may still qualify for ERTC on wages that are not paid with forgiven PPP loans.
View more information and Frequently Asked Questions about PPP Loans.
SBA Lenders in San Antonio
To locate a SBA lender in San Antonio, please visit SBA Lender Information.
Community Development Financial Institutions began accepting PPP loan applications on January 11. You may contact them to learn more and apply:
PPP Loan Forgiveness
- Borrowers may be eligible for loan forgiveness.
- Visit SBA Loan Forgiveness to learn more about PPP loan forgiveness for first draw and second draw loans.
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 provides economic relief to small businesses and nonprofit organizations that are experiencing a temporary loss of revenue.
- 3.75% for businesses (fixed)
- 2.75% for nonprofits
- 30 years
- No pre-payment penalty or fees
Use of Proceeds
- Working capital and normal operating expenses
- Required for loans over $25,000
- SBA uses a general security agreement (UCC) designating business assets as collateral, e.g. machinery and equipment, furniture and fixtures, etc.
EIDL Loans are not forgivable. You can apply at COVID-19 Relief
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.