Coronavirus Business Loan Assistance

We understand that these are uncertain times for most small businesses due to the ongoing coronavirus (COVID-19) pandemic. On March 27, 2020, the CARES Act was signed, offering two different funding options for small businesses impacted by the virus. These programs are the “COVID-19 Economic Injury Disaster Loan Program” (EIDL) and the Payroll Protection Program (PPP). Here’s what you need to know.

Last updated: April 2, 2020

U.S. Businesses and Territories

For businesses in the United States, government aid is provided through the U.S. Small Business Association (SBA) Disaster Assistance program.

Economic Injury Disaster Loan Program

This program provides small businesses with working capital loans of up to $2 million that can help provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

For our existing clients, we are here to support you while completing your SBA loan application. Our team will walk you through the necessary steps and give you detailed information to expedite this process.

Payroll Protection Program

A loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available for application through a participating lender as of April 3, 2020. More information on this will be coming soon. We are committed to keeping in contact with our clients with as much information that will help them get the funding they need to maintain their business in these uncertain times.

5-Step Application Process

Businesses seeking Disaster Loan Assistance will follow a simple 5-step process:

  • Disclosures

  • Business Information

  • Business Owner Information

  • Additional Information

  • Summary

Canadian Businesses

Prime Minister Justin Trudeau addressed the country on March 18, 2020 to discuss what the government is doing to support small businesses. According to his statement:

  • The Canadian government is working with financial crown corporations through the business credit availability program to protect jobs and businesses with $10 billion in credit.
  • Employers of small businesses will be provided with a temporary wage subsidy equal to 10% of salary paid to employees for a period of three months.
  • Export Development Canada will provide support to Canadian companies affected by the global situation. Details to come.
  • Farm Credit Canada will be boosted for farmers and our primary food producers.

As we get more information, we will share it with you. Please check back for updates.

Source: Maclean’s

Our Customer Pledge

Greenbox Capital stands united with our customers during this pandemic crisis and economic slowdown.
We will provide payment assistance to all customers showing a loss of revenue.
Please contact us at 305.952.3200, select option 1 to discuss payment assistance.

Other Funding Options

To explore other funding options through Greenbox Capital, call one of our knowledgeable Funding Advisors at 855.442.3423 or click the Apply Now button.