San Juan College Small Business Development Center staff members are ready to provide businesses with personal assistance to apply for new funding that is now available under the second relief package of the CARES Act.
Through the second relief package, the CARES Act is providing an additional $370 billion for loans to small businesses. The Paycheck Protection Program, has been allocated $310 billion, while the Economic Injury Disaster Loan was allocated an additional $60 billion. Businesses are encouraged to apply immediately to access the money, and loans will be made on a first-come, first-serve basis.
Through the second relief package, agricultural business are now among those eligible to apply for funding. Businesses can work directly with their lender, and can borrow up to $10 million, with an interest rate of 1%. The loan is deferrable for six months. In addition, the Small Business Administration will forgive loans for businesses who keep all employees on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities, minus the $10,000 advance.
While an additional $60 billion has been allocated to the EIDL program, criteria for funding is being determined and will be available soon.
The SJC Small Business Development Center is available to assist local businesses in San Juan County via phone, email and Zoom conferencing. The center can be reached at (505) 566-3528 or SBDC@sanjuancollege.edu.
Local approved lenders and other information is available online at www.sanjuancollege.edu/SBDC. The SBDC is offering free webinars, which are also available on the website.
