Loans for Small Business
Paycheck Protection Program (PPP)
A Small Business Administration (SBA) Program
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.
Restaurant Revitalization Fund (RRF)
An SBA Program
The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Applications opened on Monday, May 3, 2021 and will remain open until funds are exhausted.
Eligible entities who have experienced pandemic-related revenue loss include:
- Food stands, food trucks, food carts
- Bars, saloons, lounges, taverns
- Snack and nonalcoholic beverage bars
- Bakeries (onsite sales to the public comprise at least 33% of gross receipts)
- Brewpubs, tasting rooms, taprooms (onsite sales to the public comprise at least 33% of gross receipts)
- Breweries and/or microbreweries (onsite sales to the public comprise at least 33% of gross receipts)
- Wineries and distilleries (onsite sales to the public comprise at least 33% of gross receipts)
- Inns (onsite sales of food and beverage to the public comprise at least 33% of gross receipts)
- Licensed facilities or premises of a beverage alcohol producer where the public may taste, sample, or purchase products
You can apply through SBA-recognized Point of Sale (POS) vendors or directly via SBA in a forthcoming online application portal. Participating POS providers include Square, Toast, Clover, NCR Corporation (Aloha), and Oracle. If you are working with Square or Toast, you do not need to register beforehand on the application portal.
For the first 21 days that the program is open, SBA will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. All eligible applicants are encouraged to submit applications as soon as possible. Following the 21 days, all eligible applications will be funded on a first-come, first-served basis.
View more information about the Restaurant Revitalization Fund through the SBA Website.
Economic Injury Disaster Loans (EIDL)
An SBA Program
NOTE: The 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
Targeted EIDL Advance
The Targeted EIDL Advance provides businesses in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency.
Advance funds of up to $10,000 will be available to applicants in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
Applicants do not need to take any action.
SBA is reaching out to those who qualify.
All communication from SBA will be sent from an official government email account ending with @sba.gov.
Supplemental Targeted Advance
The Supplemental Targeted Advance provides the smallest and hardest hit eligible businesses with a supplemental payment of $5,000 that does not have to be repaid. Even if you have previously received the original EIDL Advance in the full amount of $10,000, you may be eligible for the Supplemental Targeted Advance if you meet eligibility criteria. The combined amount of the Supplemental Targeted Advance ($5,000) with any previously received EIDL Advance or Targeted EIDL Advance ($10,000) will not exceed $15,000.
Completing the Targeted EIDL Advance application is a requirement to be considered for the Supplemental Targeted Advance.
SBA is reaching out directly to those who may qualify.
To be eligible, a business must meet all the following eligibility criteria:
- Entity must be in a low-income community
- Entity can prove greater than 50 percent economic loss
- Entity must have 10 or fewer employees.
Learn more about the Supplemental Targeted Advance through the SBA Website.
Additional Information about SBA's Coronavirus Relief Program
Please visit the SBA website for more details.