| NEW FUNDING APPROPRIATION APPROVED on April 24, 2020 for Paycheck Protection Program and Economic Injury Disaster Loans. The SBA will resume taking applications on Monday, April 27. |
| Act Quickly to Access $370 Billionin New Federal Disaster Assistance |
| America’s SBDC Arizona (AZSBDC), the most trusted and accessible provider of local, front-line small business assistance in Arizona , is urging small businesses impacted by COVID-19 to act quickly to access the new appropriation of federal disaster assistance. Following Friday’s signing of the Paycheck Protection Program and Health Care Enhancement Act , Congress appropriated an additional $370 billion to refund and restart small business disaster and relief loan programs, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program. “The SBA will begin accepting applications again on Monday, April 27, and the new funding is expected to go quickly,” advised AZSBDC State Director Janice Washington . “We encourage eligible Arizona small business owners to apply immediately, if they have not already done so.” Details on SBA disaster relief assistance programs is available on the Network’s COVID-19 Small Business Resources web page. The new stimulus package includes an additional $310 billion for the PPP, which incentivizes businesses to keep their workers on the payroll, and $60 billion (including $50 billion in loans and $10 billion in grants) for the EIDL program. Since the passage of the CARES Act in March, 19,280 Arizona small businesses have been approved for $4.8 billion in PPP loans . In addition, 460 businesses have received EIDL loans totaling nearly $97 million and more than 14,000 have received nearly $65 million in EIDL advances as of April 20. “The AZSBDC Network is committed to doing all that we can to help small business owners access this and other emergency assistance they need to survive,” noted Washington, adding that Arizona SBDC Centers know who is lending locally and online, and can assist clients with the application process. The AZSBDC has 10 SBDC Centers located across Arizona. Business analysts provide confidential, no-cost consulting to help affected businesses understand available disaster assistance and loans, determine eligibility, facilitate loan applications and navigate post-disaster challenges. SBDC Centers also provide technical assistance in marketing strategy, managing cash flow, dealing with supply chain interruptions and preparing businesses to take advantage of government contracting opportunities. In 2019 alone, America’s SBDC Arizona helped its clients start 382 new businesses, create or retain 1,525 jobs and increase their collective sales by more than $79 million. SBDC counselors also facilitated more than $74 million in capital formation for new and expanding businesses. About the AZSBDC : America’s SBDC Arizona Network is an innovative partnership that includes 10 community college districts across Arizona and the U.S. Small Business Administration. The AZSBDC has 10 SBDC Centers, additional satellite locations and four Arizona Procurement Technical Assistance Centers (AZPTAC). AZPTAC is a specialty partner program of the AZSBDC Network and is funded in part through a cooperative agreement with the Defense Logistics Agency. Learn more at www.azsbdc.net . |
