For small businesses experiencing economic challenges due to COVID-19, a variety of funding opportunities have been introduced over the last month or so, backed by both government and private sources. There has been a lot of discussion on the SBA’s Paycheck Protection Program and Economic Injury Disaster Loan Program, but did you know they also have the Express Bridge Loan Program? This program seeks to act as supplemental funding to the EIDL program, providing temporary relief to businesses experiencing a loss in revenue as they are going through the EIDL application process.
Th Express Bridge Loan Program provides loans of up to $25,000 to small businesses within 45 to 90 days of loan approval. The funds must be used for working capital, and as a means to help keep a small business operational or to help in reopening after closure due to COVID-19 related circumstances. Small businesses operational prior to the declaration of the disaster are eligible. However, those who apply must have an existing business relationship with one of the SBA’s Express Lenders. Given that this is a supplemental program to the EIDL, repayment of the Express Bridge Loan will be made in full or in part by funding received from the EIDL program.