The U.S. Small Business Administration (SBA) and the Department of Treasury have created two loan programs to assist small businesses affected by the coronavirus outbreak. These programs are available to petroleum marketers with 500 or fewer employees.
Paycheck Protection Program
- A top-line overview of the program can be found here
- More information for borrowers can be foundhere
- The application for borrowers can be foundhere
- More information for lenders can be foundhere
The application process for the Paycheck Protection Program begins this Friday, April 3 and lenders may begin processing loan applications the same day. PMAA encourages small business petroleum marketers to fill out the borrowers’ application and be prepared to consult with their local lender as to whether it is participating in the program.
Economic Injury Disaster Loan Program
Additionally, the Small Business Administration has also made available an application for its Economic Injury Disaster Loan (EIDL) program. The EIDL program will help small businesses recover from broader economic injury related to the outbreak. More information about the EIDL program is available here