COVID-19 Small Business Loan Accelerator Helps Submit Applications for CARES Act Relief
With the recent passage of the CARES Act, small businesses are eligible for significant support from the Small Business Administration. But finding the right programs can be confusing, delaying your access to the cash you need now.
LogicMonitor, in partnership with Quick Base and Vista Equity Partners, created the COVID-19 Small Business Loan Accelerator, an online application that helps you quickly evaluate eligibility for government assistance programs and submit applications to those programs.
For the Quick Base PPP Application Accelerator, please click here
COVID-19 has been an unprecedented disruption for organizations and individuals globally. While the impact has been universal, small businesses have been particularly hard hit by COVID-19.
In response, the recently passed CARES Act includes critical access to financial assistance for small businesses. But with many options now available, it can be hard to determine eligibility and apply, potentially delaying access to needed funds.
As a part of our ongoing efforts to help our communities during these unique times, we’re excited to share the launch of the COVID-19 Small Business Loan Accelerator.
What is the Small Business Loan Accelerator?
Developed in partnership with Vista Equity Partners, this free, publicly available online diagnostic tool helps small business owners quickly evaluate eligibility for and prepare applications to financial assistance programs offered by the Small Business Administration.
The application provides the following to small businesses:
- Information on key programs available through the CARES Act
- A diagnostics tool to determine eligibility for these programs
- Guided form completion and generation to speed up application
How does it work?
- Answer a series of short questions about you and your business.
- Learn what programs you’re eligible for.
- Your forms will be filled out automatically and ready for submission.
You can determine eligibility for a number of programs available through the SBA, including:
- Paycheck Protection Program (PPP): This program provides 100-percent federally guaranteed loans to employers who maintain their payroll during this emergency. For the Quick Base PPP Application Accelerator, please click here
- Economic Injury Disaster Loans (EDIL): These lower interest loans of up to $2 million are available to pay for expenses that could have been met had the disaster not occurred.
- 7(a) Loans: The SBA’s primary loan for providing financial assistance to small businesses—terms and conditions vary by specific loan type.
“With COVID-19’s devastating impact on small businesses, the CARES Act puts forth a range of substantial programs and money to help small businesses adapt quickly,” said Jay Jamison, chief product & technology officer at Quick Base. “The problem is that small businesses often struggle to navigate the maze of government regulations and programs successfully. Quick Base is committed to doing our part to help, and we have built this app to provide a way to streamline the process small business owners will have in applying for relief, aid and loan programs.”