» Are you a business impacted by COVID-19? Learn what help and resources are available to you.
Mississippi Small Business
Development Center
Transforming Mississippi One Small Business at a Time

I Need Funding and/or Liquidity


The Economic Injury Disaster Loan & $10,000 Grant:

To apply for a COVID-19 Economic Injury Disaster Loan, click here.

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. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.

Please note that if you applied prior to March 29, 2020, you will need to go through the new streamlined application process to qualify for the $10,000 grant.

The Paycheck Protection Program:

The Paycheck Protection Program  prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses.
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.

Under this program:
  • Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
  • Loan payments will be deferred for six months.
  • If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.


The U.S. Small Business Administration (SBA) will resume accepting Paycheck Protection Program (PPP) loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System, or non-bank lending institution that is participating. You should consult with your local lender as to whether it is participating in the program.

To learn more about the Paycheck Protection Program or to download an applicaiton please visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

Find a lender near you at https://www.sba.gov/paycheckprotection/find.

For a list of approved lenders, click here.

For more guidance on PPP Loan Forgiveness, click here.

PPP Loan Forgiveness Application, click here.

The SBA Express Bridge Loan:

Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.


  • Up to $25,000
  • Fast turnaround
  • Will be repaid in full or in part by proceeds from the EIDL loan

Find an Express Bridge Loan Lender by connecting with your local SBA District Office.

The SBA Small Business Debt Relief Program:

The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis.

Under this program:

  • The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
  • The SBA will pay the principal and interest of current 7(a) loans for a period of six months.

As of April 2, 2020, SBA has instructed its Servicer/s to NOT apply an ACH debit to the borrower’s account to cover the loan payments due on April 1, 2020 for all 504 loans in regular servicing status.  Under the CARES Act, SBA will pay the principal, interest and any associated fees that are owed on a 504 loan in a regular servicing status to the CSA within 30 days of April 1.  SBA will continue to make these loan payments to the CSA for the 6-month period beginning April 1, 2020. 

Any loan made before March 27, 2020 for which a deferment has been granted will still be eligible to receive the benefit of SBA making the loan payments for a 6-month period.  Under the CARES Act, the 6-month period of SBA payments will begin at the end of the deferment period.  Borrowers may voluntarily decide to end the approved period of deferment early to begin the 6-month period of SBA payments, and CDCs must inform Borrowers that it is their choice to either continue the deferment and begin receiving the SBA payments for 6 months after the period of deferment ends OR end the deferment early to begin receiving the SBA payments. 

Save Small Business Fund

Funded by corporate and philanthropic partners, the Save Small Business Fund is a collective effort to provide $5,000 grants to as many small employers with between 3-20 employees, located in an economically vulnerable area, and are impacted by COVID-19.

See link for more information. https://savesmallbusiness.com/

"MISSISSIPPI COVID-19 RELIEF PAYMENT FUND" as passed by the Mississippi Legislature and awaiting signature by Governor Tate Reeves:

The program will provide aid to Mississippi businesses in the following ways:
Phase 1: $60 million
All businesses with less than 50 employees who filed Mississippi state income taxes in 2018, 2019, or eligible businesses who intend to file for 2020, and who were subject to any COVID-19 related state, municipal, and/or county required business closure or voluntary closure will receive a $2,000 relief check- no application required. Businesses covered in this phase include clothing stores, dance studios, barber shops, salons, restaurants, etc- any business forced to close by state or local government.
Phase 2: $240 million
All businesses with less than 50 employees who filed Mississippi state income taxes in 2018, 2019, or eligible businesses who intend to file for 2020, and suffered any interruption in businesses due to COVID-19 may apply to receive up to $25,000 in grants to cover payroll, rent, utilities, mortgage interest payments and other eligible expenses incurred during the the COVID-19 outbreak. Approved applicants under this program will receive a base payment of $1,500 and can either (1) receive an additional $500 per full-time equivalent employee OR (2) itemize eligible expenses on the application form.
A few notes on Phase 2

  • Businesses who receive checks under Phase 1 WILL be able to apply for Phase 2 relief without restriction.
  • Businesses who DID NOT receive federal PPP funds will receive priority for the first 21 days of the program. After that period, businesses who received PPP funds will be allowed to apply, with a portion of their state aid offset based on the amount of the PPP loan.
  • For the first 60 days of the Phase 2 program, $40 million will be reserved for minority-owned businesses.
  • Grants awarded will not be subject to tax.

Both programs will be administered by the MS Development Authority. Work has already begun at MDA to get Phase 1 payments sent to eligible business owners without delay.
A Link to the Complete Bill is here. http://billstatus.ls.state.ms.us/documents/2020/html/SB/2700-2799/SB2772SG.htm
*Mississippi SBDC is waiting for official guidance from the appropriate state entities for application procedures.  We will update as information is finalized.

Which SBA loan program is the best fit for my business?

The Mississippi Small Business Development Center is an accredited member of America's Small Business Development Centers and is funded in part through a cooperative agreement with the U.S. Small Business Administration through The University of Mississippi. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA or The University of Mississippi. Reasonable accommodations for persons with disabilities and limited English language proficiency will be made if requested at least two weeks in advance.