With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
With $349 Billion in Emergency Small Business Capital Cleared, SBA and Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
"This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. "Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”
"This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. "Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
· The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Loan Terms & Conditions
- Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
- Maximum loan amount up to $10 million
- Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
- All loans under this program will have the following identical features:
- Interest rate of 0.5%
- Maturity of 2 years
- First payment deferred for six months
- 100% guarantee by SBA
- No collateral
- No personal guarantees
- No borrower or lender fees payable to SBA
SBA’s announcement comes on the heels of a series of steps taken by the Agency since the President’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Coronavirus (COVID-19) pandemic. Since March 17, SBA has taken the following steps:
· Declared all states and territories eligible for Economic Injury Disaster Loan assistance
· 1-year deferment on Economic Injury Disaster Loans provided due to COVID-19
· Automatic deferment of previous disaster loans for homeowners and businesses through 2020
· Waiver of garnishments through 2020
Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.

- JAN. 2021 - Safer at Home Extended Until March 5, 2021
- JAN. 2021 - Public Meeting Announced for Special Education
- JAN. 2021 - Alabama Department of Public Health Scheduled to Conduct COVID-19 Vaccination Clinics in Baldwin County
- DEC. 2020 - Jennifer Claire Moore Foundation: Youth Mental Health First Aid Upcoming Training December 14th
- NOV. 2020 - General Election Amendments Breakdown
- OCT. 2020 - SBA Disaster Loans Available to Alabama Private Non-Profit Organizations Affected by Hurricane Sally
- OCT. 2020 - Alabama Road Trips
- OCT. 2020 - Note From the President, Casey Williams
- SEP. 2020 - Eastern Shore Chamber Announces New Dates for Mayoral Runoff Debates in Daphne and Spanish Fort
- SEP. 2020 - Hurricane Resource Guide
- SEP. 2020 - Prodisee Pantry to Hold Mass Emergency Food Distribution Tomorrow in Response to Hurricane Sally
- AUG. 2020 - Your Employee is in Jail SCAM Happening Locally
- AUG. 2020 - New Car Tag to Support Alabama Small Business
- AUG. 2020 - Fairhope Walking School Bus Idling Until Sept. 1
- JUL. 2020 - CAP Releases RFP for Eco-Tourism
- JUL. 2020 - Baldwin County Probate Office Update
- JUL. 2020 - Public Notice Regarding Mandatory Mask Requirement for Circuit Courts in Baldwin County Courts
- JUL. 2020 - Jubilee Festival of Arts Unveils 2020 Festival Poster Artwork by Local Artist Ricky Trione
- JUL. 2020 - Eastern Shore Chamber of Commerce Launches New Tourism Website to Boost Exposure for Local Small Businesses
- JUN. 2020 - Former Fortune 100 Business Leader John Manelos Announces Bid to Become Next Mayor of Fairhope, AL
- JUN. 2020 - Legends in Concert to ReOpen at OWA
- JUN. 2020 - BB&T/Truist PPP by the Numbers
- JUN. 2020 - Baldwin County's May 2020 Housing Report
- MAY. 2020 - 2020 Legislative Session Recap
- MAY. 2020 - COVID-19 Emergency Relief: Guidelines for Payment of Outstanding Sales and Lodgings Tax Liability
- MAY. 2020 - SERVPRO Cleaning Specialist in Daphne Recommends Four Key Things to Look for as Businesses Reopen
- MAY. 2020 - Gov. Kay Ivey Amends Safer at Home Order
- APR. 2020 - Calling All Helping Hands
- APR. 2020 - Infirmary Health Launches Convalescent Plasma Donation Program to Treat Sickest COVID-19 Patients
- APR. 2020 - Local Nonprofits Need Our Help
- APR. 2020 - Guidelines: Opening Up America Again
- APR. 2020 - SAWDC Region 07 Job and Training Opportunities
- APR. 2020 - Baldwin County Covid-19 Impact Report
- APR. 2020 - Free Facebook Training During Lockdown
- APR. 2020 - Prodisee Pantry announces changes to Mass Emergency Food Distribution due to Highway 31 road construction
- APR. 2020 - PPP & EIDL Updates
- APR. 2020 - Bridge the Gap Bama
- APR. 2020 - How is COVD-19 Affecting Your Workforce
- APR. 2020 - Maritime Executive Named Director and Chief Executive of the Alabama State Port Authority
- APR. 2020 - PPE Resources For Businesses
- MAR. 2020 - Breaking Down the SBA Loan For Small Businesses
- MAR. 2020 - Diagnostic and Medical Clinic evaluating all symptomatic persons beginning Monday, March 30
- MAR. 2020 - Emergency Food Distribution at Prodisee Pantry
- MAR. 2020 - Alabama’s 20 Safest Cities of 2020
- MAR. 2020 - Baldwin County Residents Can Receive GED and Occupational Skills Training Online Through Coastal Alabama
- MAR. 2020 - News Release: USA Health Children’s & Women’s Hospital Forms New Partnership to Teach Community Classes
- MAR. 2020 - Remote Access and Best Practices
- MAR. 2020 - Coronavirus (COVID-19) Resources
- MAR. 2020 - 2020 Census to Make Big Difference for Alabama
- MAR. 2020 - Elsa Engeriser Named National Merit Finalist
- NOV. 2019 - Daphne High School to Host Career Fair
- JUL. 2019 - Eastern Shore Chamber Unveils the Featured Artwork for the 31st Annual Jubilee Festival of Arts
- APR. 2019 - Baldwin County Named an ACT Work Ready Community
- MAR. 2019 - 2U Tire Named April Small Business of the Month
- JAN. 2019 - 2019 Baldwin County Career & Job Fair
- NOV. 2018 - 2018 Annual Award Nominations
- NOV. 2018 - City of Fairhope Holds Visual Preference Survey Process to Gather Feedback for Future Development
- NOV. 2018 - Hatch Fairhope Announces Grand Opening
- OCT. 2018 - YOUTH LEADERSHIP BLOG: History & Geography Day
- SEP. 2018 - Alliance Publishing Group Named Eastern Shore Chamber of Commerce Small Business of the Month
- JUL. 2018 - Eastern Shore Chamber Unveils the Featured Artwork for the 30th Annual Jubilee Festival of Arts
- JUN. 2018 - Eastern Shore Chamber of Commerce Wins Communications Excellence Award for Eastern Shore Elf Campaign
- JUN. 2018 - Eastern Shore Chamber of Commerce Publishes Updated Election Guide for Primary Runoff Races
- MAY. 2018 - 2018 Primary Election Guide
- MAY. 2018 - Old Tyme Feed: May Small Business of the Month
- MAR. 2018 - 2018 Annual Award Winners
- JAN. 2018 - A New Year: Where We've Been & Where We're Going
- SEP. 2017 - The Eastern Shore Chamber of Commerce Parts Ways with the Fairhope Arts & Crafts Festival Foundation
- DEC. 2016 - Fairhope Music Opens New Location
- DEC. 2016 - Brandy Rhodes Coaching Now Open in Fairhope
- NOV. 2016 - Congressman Bradley Byrne Addresses Business Community Following the Presidential Election
- SEP. 2016 - Chamber to Offer Leadership Workshop for Members
- SEP. 2016 - Chamber Young Professionals to Host a Cornhole Tournament to Benefit the Spanish Fort Public Library
- JUL. 2016 - The Eastern Shore Guide to the 4th of July
- MAY. 2016 - May Newsletter
- APR. 2016 - Fairhope Resident Named SCORE Mentor of the Year
- APR. 2016 - The April 2016 Newsletter
- MAR. 2016 - Ribbon Cut for AltaWorx
- MAR. 2016 - Spring 2016 Youth Leadership Applications
- FEB. 2016 - Specialized Therapy Services Opens in Fairhope
- FEB. 2016 - ESCoC Governmental Affairs Survey Results
- SEP. 2015 - Joe Hudson’s Collision Center
- SEP. 2015 - BenchMark Physical Therapy
- SEP. 2015 - Sage Lebanese Cuisine & Café
- SEP. 2015 - Shux on the Pier
- SEP. 2015 - Tourism Executive Of The Year Award
- SEP. 2015 - The 27th Anniversary Jubilee Festival
- SEP. 2015 - Youth Leadership 14th Annual Seven-Month Program
- JUL. 2015 - January 2015 Morning Marketing Release
- APR. 2015 - Eastern Shore Magazine 2015
- FEB. 2015 - EASTERN SHORE CHAMBER EGGS N’ ISSUES
- SEP. 2014 - EASTERN SHORE CHAMBER HONORS ENVIRONMENTAL AWARD WINNER Tree Planted at Christ the King School
- SEP. 2014 - EASTERN SHORE CHAMBER EGGS N’ ISSUES June 10 TOPIC: “Economic Update for Baldwin County”
- SEP. 2014 - EASTERN SHORE CHAMBER TO HOLD CANDIDATES FORUM - For Baldwin County Commissioner Candidates
- Jun. 2014 - Eggs n' Issues
- Apr. 2014 - Candidates Forum
- Apr. 2014 - Eggs n' Issues
- Apr. 2014 - Celebrate the Arts
- Mar. 2014 - Eggs n' Issues
- Mar. 2014 - 30th Prayer Breakfast
- Mar. 2014 - Leadership Applications
- Mar. 2014 - Council Lucheon
- Feb. 2014 - Update on I-10 Bridge
- Jan. 2014 - Update on I-10 Bridge
- Nov. 2013 - Eggs N' Issues - Onespot
- Oct. 2013 - Student Art Competition
- Oct. 2013 - E.S.C. Seeks Local Artists
- Oct. 2013 - Candidate Forum Release
- Oct. 2013 - What's Going On in AL Legislature
- Jul.2013 - Mardi Gras Schedule - 2014