Main Street Bank is committed to helping businesses navigate the COVID-19 SBA loan relief options. Main Street Bank is an SBA Preferred Lender with experience to guide you through the process. Also provided are the two programs the SBA will be offering to assist the business in this current economic environment.
SBA Paycheck Protection Program (PPP)
The Paycheck Protection Program provides federally-guaranteed loans up to a maximum amount of $10 million to eligible businesses, which can be partially forgivable (as elaborated below in the Key Facts), to encourage businesses to retain employees through the COVID-19 crisis by assisting in the payment of certain operational costs. Business owners will apply for the Paycheck Protection Program directly with Main Street Bank.
SBA Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Business owners will apply for the Economic Injury Disaster Loan directly through the Small Business Administration website. See more detailed information below.