## Loans for Small Businesses During COVID-19
The COVID-19 pandemic has had a devastating impact on small businesses across the world. Many businesses have been forced to close their doors or operate at reduced capacity, leading to a sharp decline in revenue. To help small businesses weather the storm, the government has made a number of loans available.
**Paycheck Protection Program (PPP)**
The PPP is a forgivable loan program that helps small businesses keep their employees on the payroll. Businesses can borrow up to 2.5 times their average monthly payroll costs, with a maximum loan amount of $10 million. The loan is forgivable if the business uses the funds to cover payroll, rent, utilities, and other eligible expenses.
**Economic Injury Disaster Loan (EIDL)**
The EIDL is a low-interest loan that can be used to cover a variety of expenses, including payroll, rent, utilities, and other operating costs. Businesses can borrow up to $1 million, with a maximum loan term of 30 years.
**SBA Express Bridge Loan**
The SBA Express Bridge Loan is a short-term loan that can be used to cover immediate expenses, such as payroll and rent. Businesses can borrow up to $25,000, with a maximum loan term of 6 months.
**SBA Microloan**
The SBA Microloan is a small loan that can be used to start or expand a small business. Businesses can borrow up to $50,000, with a maximum loan term of 6 years.
**Eligibility Requirements**
To be eligible for a small business loan during COVID-19, businesses must meet certain criteria. These criteria vary depending on the loan program, but generally speaking, businesses must:
* Be a small business with fewer than 500 employees
* Have been in operation for at least one year
* Have a good credit history
* Be able to demonstrate a need for the loan
**Application Process**
The application process for a small business loan during COVID-19 varies depending on the loan program. However, generally speaking, businesses will need to submit the following information:
* A completed loan application
* Financial statements
* Tax returns
* A business plan
**Repayment Terms**
The repayment terms for a small business loan during COVID-19 will depend on the loan program. However, generally speaking, loans will have a fixed interest rate and a repayment period of 5 to 10 years.
**Forgiveness**
Some loans, such as the PPP, may be forgiven if the business uses the funds to cover certain eligible expenses. To be eligible for forgiveness, businesses will need to submit a forgiveness application to the lender.
## Additional Resources
* [Small Business Administration (SBA)](https://www.sba.gov/)
* [U.S. Chamber of Commerce](https://www.uschamber.com/)
* [SCORE](https://www.score.org/)