Page Updated June 12, 2020
Most podiatric offices and small businesses will take advantage of EIDL and PPP loans as they have the most advantageous terms; however, SBA offers additional loans and resources. For eligibility requirements, visit www.sba.gov.
Express Bridge Loans allow small businesses that currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, it may qualify for an SBA Express Disaster Bridge Loan. The loan will be repaid in full or in part by proceeds from the EIDL. Find an Express Bridge Loan Lender by connecting with your local SBA District Office.
7(a) program is an all-inclusive loan program deployed by lending partners for eligible small businesses within the US states and territories.
Small Business Debt Relief Program provides relief to small businesses with 7(a) loans. Under it, the SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to borrowers who take out loans by September 27, 2020.
The SBA-developed Lender Match is a free online referral tool that connects small businesses with participating SBA-approved lenders within 48 hours.
For SBA-supported entities to help answer your key questions, please contact a local Small Business Development Center (SBDC), Women’s Business Center (WBC), or SCORE mentorship chapter. To find a local resource partner, visit www.sba.gov/local-assistance/find. In addition, the Minority Business Development Agency’s Business Centers (MBDCs), which cater to minority business enterprises of all sizes, are another resource. Not every state has a MBDC.
To find out if there is one that serves your area, visit www.sba.gov.
APMA created this state-by-state spreadsheet of state-sponsored loans to help small businesses during the pandemic.
APMA exists to support the podiatry community. In light of that fundamental commitment, APMA announced a new, multimillion-dollar relief plan for its members in April. APMA will continue to assess member needs and update you. In the meantime, if you have questions, please contact APMA at any time at firstname.lastname@example.org.
Private Loans and Debt Relief
Bank/Credit Union Lenders
Federal agencies that regulate financial institutions are encouraging these institutions to work with their customers, especially small businesses, impacted by COVID-19. Specifically, the FDIC has offered the following guidance for bank customers (also read the FAQ):
"In certain situations, the FDIC is encouraging banks to allow customers to skip loan payments with no adverse consequences for the borrower, extend loan terms, and restructure loans. However, before skipping payments or otherwise operating in a manner that differs from the terms of a loan, contact your bank to determine its flexibility during this time.
Similarly, the National Credit Union Administration is advising credit unions to assist their members and work with borrowers affected by COVID-19. Recommendations include:
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau has provided resources and guidance on how individuals can financially protect themselves, including student loan deferment and other options. Visit the CFPB COVID-19 resource page for more details.
Business Interruption Insurance
Podiatrists should also review their insurance policies (including property/casualty insurance policies) to determine if the policy includes business interruption insurance (also known as business income coverage). This insurance is a type that may replace loss of income or pay business expenses during a disaster. Podiatrists should speak with an insurance advisor to determine whether this insurance would apply during the COVID-19 pandemic.