Important Press Release from the Franklin County Community Foundation
COVID-19 Emergency Small Business Program Fund Established In response to the emerging needs of businesses being impacted by the COVID-19 pandemic, a COVID-19 Emergency Small Business Program Fund was established in the Franklin County Community Foundation. Funding for this has been provided by contributions from local individuals and businesses.
The activation of this fund will allow for an emergency loan program, providing the opportunity for small businesses to get quick access to emergency funds. The Franklin County Community Foundation will collaborate with the Franklin County Chamber of Commerce to distribute the loans. Small businesses in need of assistance to remain operational can find Requirements for Eligibility, Loan Terms and the Application process on the Chamber’s website, www.fcchamber.net.
Due to the emergency nature of the COVID-19 pandemic and its negative economic impact on small businesses, the loans in this program can become forgivable should certain conditions be met over the life of the loan. In the interest of time and efficiency, the processes for application, loan approval and loan closing will be streamlined and virtual.
Please consider a contribution to the COVID-19 Emergency Small Business Program Fund through the Franklin County Community Foundation. For more information about the COVID-19 Emergency Small Business Program, contact Franklin County Community Foundation at 765.265.1427 or firstname.lastname@example.org
Franklin County COVID-19 Emergency SMALL BUSINESS Forgivable LOAN Program
Due to the COVID-19 pandemic, the Franklin County Chamber of Commerce, the Franklin County Community Foundation and private donors have established the COVID-19 Small Business Emergency Forgivable Loan Program. The program is intended to provide quick access to operating capital to small businesses in Franklin County whose operations and cash flow have been negatively impacted by the 2020 COVID-19 pandemic.
In order to qualify for a loan all applicant businesses must:
• Operate within Franklin County.
• Have 50 or fewer employees (FTE, full time employees)
• Have been in business for two years or have received bank financing.
• No federal or state liens and no outstanding judgments
Click HERE for full program details and application documents.
Click HERE for tips on tracking PPP spending.
Paycheck Protection Program
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Loans can be for up to two months of your average monthly payroll costs from the last year plus an additional 25% of that amount. SBA will forgive the loan if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. At least 75% of the forgiven amount must have been used for payroll. Speak to your current lender about applying for PPP or use the SBA eligible lender search tool to be connected to an eligible SBA lender.
Economic Injury Disaster Loans
The U.S. Small Business Administration (SBA) is currently accepting applications for Economic Injury Disaster Loan (EIDL) assistance. Applications can be submitted at www.SBA.gov/disaster. These loans up to $2 million may be used by small businesses as well as private nonprofits to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Small businesses that apply for EIDL are eligible to be considered for a loan advance up to $10,000 while waiting for their application to be processed. This loan advance will not have to be repaid whether you are approved for EIDL or not.
Express Bridge Loans
The Express Bridge loan program allows SBA Express lenders to provide expedited financing to small businesses located in declared disaster areas. Express Bridge loans are intended to be interim loans. Businesses use these funds for disaster-related purposes while they apply for and await long-term financing. Speak with your current lender or use Lender Match below to find a participating lender.
Loan Comparison Chart
A loan comparison chart of the programs mentioned above is available for download HERE.
Additional Funding Resources
Talk to your current lender or community bank. If they are an SBA-approved lender then they have access to additional SBA loans that you may qualify for.
The Indiana SBDC is maintaining a list of additional loan and grant resources HERE. This list will be updated as we become aware of additional resources. Reference in the document to any specific product, process, or service, or the use of any trade, firm or corporation name is for the information and convenience of the public, and does not constitute endorsement, recommendation, or favoring by the Indiana SBDC or the Franklin County Chamber or Commerce.