The application for the Paycheck Protection Program (PPP) is now available. A private loan from a business lender, the program is fully backed by the SBA and designed to provide a direct incentive for small businesses to keep their workers on the payroll. A portion of these loans will be forgivable if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Funding through the PPP is available on a first-come, first-served basis. Small businesses are encouraged to apply as soon as possible by reaching out to their existing lender or to a nonprofit Community Development Financial Institution (CDFI_.
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Funding through the PPP is available on a first come, first served basis. Small businesses are encouraged to apply as soon as possible by reaching out to their existing lender or to a nonprofit CDFI.
Small businesses in New Orleans are also eligible to apply for Economic Injury Disaster Loans (EIDL) through the SBA. The SBA recently streamlined the EIDL application process and added a loan advance of up to $10,000. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
Small businesses are encouraged to reach out to the LSBDC for technical assistance and help determining which program may be the best fit. It is possible to apply to both programs as long as funding is used for different purposes. Additionally, it is possible to apply to both programs and determine before signing final loan documents which one is a better fit. Email email@example.com or call 504-831-3730 to be connected directly with a consultant for assistance.