On May 20, 2020 Governor Tate Reeves signed SB2772 into law, establishing the Back to Business Mississippi Grant Program.
The grants will be used to help businesses in Mississippi with 50 or fewer employees recover from the economic impact of COVID-19, including operating expenses and salaries.
The Mississippi Development Authority soon will begin accepting applications on this site from small businesses. Please check back frequesntly for updated or sign up below for email notifcations.
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 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.
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/
Find a lender near you at https://www.sba.gov/
For a list of approved lenders, click here.
For more guidance on PPP Loan Forgiveness, click here.
PPP Loan Forgiveness Application, click here.
Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
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:
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.
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/
The non-profit Mississippi 30 Day Fund provides forgivable loans for Mississippi-based small businesses. The forgivable loan is intended to provide immediate financial assistance (within maximum of three days) as small business owners reopen and navigate a new social and economic reality.
See link for more information: https://ms30dayfund.com/
|OVERVIEW||EIDL||EIDL ADVANCE||PPP||Express Bridge Loan|
|Lender||SBA||SBA||SBA Approved Lender||SBA Approved Lender|
|Maximum Loan Amount||$1MM||Advance of $1,000 per employee, up to $10,000||2.5x average monthly payroll costs capped at $100K per employee, maximum of $10MM per borrower||$25,000
Fees are permitted. SBA guarantees 50%.
|Application Deadline||December 31, 2020||December 31, 2020||June 30, 2020||March 13, 2021|
|Eligible Borrowers||Businesses that meet the SBA size standards||
||Businesses with <500 employees
Businesses in NAICS 72 with <500 employees per individual location.
|Lender must have a current relationship with borrower.
- Fees are permitted.
- Business needs to be operational on March 13, 2020.
|Use of Proceeds*||
||Survival and/or re-opening of small business.|
|Collateral||No collateral for loan amounts up to $25,000||N/A||Waived||Not required|
|Personal Guarantee||No personal guarantee for loan amounts up to $200,000||N/A||Waived||May be required|
|No Credit Elsewhere||Waived||Waived||Waived||Required|
|Forgiveable||No||Yes||Yes, up to 100%. Forgiveness of indebtedness of an amount equal to the sum of the qualified costs incurred and payments made during the covered period (8-week period following loan origination). Forgiveness portion may be reduced by a reduction in retained employees or reduction in pay of retained employees.||No|
|Interest||3.75%||N/A||Current rate is 1%.||Prime + up to 6.5%|
|Term||Up to 30 Years||N/A||Currently term is 5 years.||Max of 7 years|
|Prepayment Penalty||No||N/A||No||Same as 7(a) loan|
|* You may apply for both the Economic Injury Disaster Loan and the Paycheck Protection Program, however advances or loan proceeds cannot be used for the same purpose during the same time period.|