As an SBA preferred lender, Goldenwest is providing economic relief to businesses experiencing temporary losses of revenue during COVID-19.
SBA Paycheck Protection Program (PPP) Loan
Goldenwest can provide financial relief to businesses with less than 500 employees with a Paycheck Protection Program loan. Business owners may borrow 2.5 times their average monthly payroll, up to $10 million. Small businesses and private, nonprofit organizations are eligible to apply.
The SBA PPP loan will be forgiven for the amount equal to all expenses for payroll, utilities, and rent or mortgage interest during the 8-week period after the loan is granted.
SBA Economic Injury Disaster Loan (EIDL)
The SBA is offering financial assistance in the form of Economic Injury Disaster Loans (EIDL) to small businesses and private, nonprofit organizations to help overcome the temporary loss of revenues during COVID-19. The SBA’s EIDL provides up to $2 million of assistance to individual businesses, with loan advances of up to $10,000.
EIDLs may be used to pay fixed debts, payroll, accounts payable, and other bills. The Annual Percentage Rate (APR) for small businesses is 3.75%. Non-profit organizations will pay 2.75% APR.
Businesses can apply for EIDL loan directly through the SBA.