In response to the economic crisis due to COVID-19, PCC SBDC and Global Trade Center is Open for Business Virtually. Our Oregon SBDC Network page is updated regularly with information related to emergency loans and other financial assistance, and we've highlighted four programs below.
PayCheck Protection Program Fact Sheet
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. Bank Lenders (see Application Submittal Process shown below) originate the PPP loan directly to the borrower and this loan is 100% guaranteed by SBA. Borrower does not pay any fees. Learn More.
SBA Economic Injury Disaster Loan (EIDL) Fact Sheet
Small businesses, non-profits, and owners of rental property are eligible to apply for economic injury disaster loans of up to $2 Million. Applications are submitted online through the SBA website and funds come directly from the U.S. Department of the Treasury. Applicants can request a loan advance of up to $10,000 and it will be disbursed within three days. Additional information is provided below under Forgiveness Terms. Learn More.
SBA Express Bridge Loan Pilot Program (EBL) Fact Sheet
This program modifies and eases traditional SBA 7(a) program lending criteria which in turn requires less paperwork from small business loan applicants. These modifications are limited to existing SBA Express lenders. Loans are capped at $25,000 and borrowers are limited to one EBL loan per disaster declaration. The program ends on March 13, 2021 and EBL loans must be approved on or before this date, evidenced by issuance of an SBA loan number. Fees are limited to: (a) upfront SBA guaranty fee of 2%; (b) application fee of 2% or $250, whichever is greater; (c) late payment fee not to exceed 5% of scheduled payment; and (d) reasonable direct costs of liquidation. Learn More.
Work Share Oregon Fact Sheet
Work Share allows a business to let their employees work part time while retaining their full time job, perhaps with reduced pay. The employer pays regular wages for the hours the employee works and the Work Share program pays a portion of the remainder directly to the employee. The program allows employees to receive unemployment benefits that employers have paid in through employment taxes. Work Share Oregon lets an employee keep their job and benefits. It also allows the employer to retain skilled workers during these uncertain times. Learn More.
Contact Us.
To get in touch, please email sbdc@pcc.edu. We are here to be of service to you and your business. Additional information will be shared as it becomes available. For more information on PCC’s college-wide response, visit: pcc.edu/coronavirus
