There are three emergency loan programs available to small businesses, the Express Bridge Loan (EBL), Paycheck Protection Loans and the Economic Injury Disaster Loans (EIDL) Program.

The U.S. Small Business Administration provides Express Bridge Loan assistance of up to $25,000 to eligible small businesses. EBL loans are made available through local banks and the applicant must have an existing relationship with the approved lender.

The Paycheck Protection Loan Program may be used for a variety of purposes, including payroll costs, rent, utilities, mortgage interest and interest on debt existing prior to February 15, 2020. It is the largest of the “Corona Virus Aid, Relief and Economic Security (CARES) Act,” providing up to $349 billion in loans. These loans are forgivable for up to eight weeks of payroll, and seek to maintain full employment during the national emergency. These loans are also available through local banks. This is a new program, and will be implemented by the SBA in short-order, however this article describes it best.

Emergency loans up to $2 million are available to qualifying small businesses that employ less than 500. SBA has $7 billion for the Economic Injury Disaster Loans (EIDL) program, and has designated COVID-19 a qualifying event. The EIDL is a low-interest, fixed-rate loan that can provide up to $2 million in assistance for a small business. SBA’s Economic Injury Disaster Loan (EIDLs) funds come directly from the U.S. Treasury. Applicants do not go through a bank to apply, and instead, apply directly to SBA’s Disaster Assistance Program.

Actual loan amounts are based on the amount of economic injury. These loans provide vital economic support to small businesses. The Kentucky Small Business Development Center can assist applicants with these programs, and is co-sponsored by the U.S. Small Business Administration and the University of Kentucky, and maintains twelve offices statewide. Lee Goatley, Business Coach from the Bluegrass Small Business Development Center and Congressman Andy Barr provided most of this information. Ms. Goatley suggests anyone interested in assisting with their application contact the KSBDC at the numbers listed below. Furthermore they advise to complete the application via pdf and upload once completed as the SBA website has been overloaded; applying online is not recommended.

KSBDC Small Business Hotline: KSBDC has also created a small business hotline: 1-888-475-SBDC (7232) to efficiently route callers to a KSBDC business coach in their region.

You can reach any of our KSBDC business coaches through our streamlined communication options by using any or all of the following:

The KSBDC will host a webinar on Monday, March 30th at 11:00 a.m. EST. You can register here.

Dean Dorton will also host a webinar on Monday, March 30th at 3:00 p.m. EST to discuss the CARES Act, more specifics on the Paycheck Protection Loan Program and other legislation offering business relief. You can register here or participate via telephone below.

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We shall keep all members updated on these programs. Should you have any questions, please feel free to contact me at, or via 859 447 5688. May all of you, your families and coworkers stay safe and healthy during this national emergency.