Covid-19

June 17, 2020

SBA News: Updated PPP Forgiveness Forms & Deadline Approaching; EIDL Portal Reopens for All

Applying for PPP Loan Forgiveness

If you’ve already received the SBA’s PPP loan to help your small business with paying your employees during COVID-19, or you just want to know more about how these loans will be processed for forgiveness on the back end, the SBA and Treasury have released new revised, more borrower-friendly PPP forms including:

In addition to revising the full forgiveness application (revised 6-16-2020), SBA also published a new EZ version that applies to some borrowers. 

For more information on these forms, you can read the full NEWS RELEASE.

Time is Running Out to Apply for PPP Forgivable Loan

If you haven’t yet applied for an SBA PPP Loan, there is still more than $100 billion available but the deadline to apply is coming fast! Lenders have to submit loan applications to the SBA by June 30th. We don’t want any small businesses in need to be left out. If you need help finding a lender https://www.sba.gov/paycheckprotection/find?utm_medium=email&utm_source=govdelivery&pageNumber=1″ target=”_blank” rel=”noopener” text-decoration: underline; “>click here to search the SBA’s Lender Locator Tool.

Sole proprietors, self-employed individuals, and other business owners are urged to seriously consider applying for this program. Don’t wait until June 30th–that will be too late!

SBA Reopens EIDL Disaster Loan Portal to All

SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. Important points to consider are:

  • EIDL assistance can be used to cover payroll and inventory, pay debt or other expenses. The interest rate is 3.75% for small businesses, 2.75% for non-profits and the term is for up to 30 years.
  • The EIDL Advance can provide up to $10,000 ($1,000 per employee) in emergency funds to businesses that do not have to be repaid.
  • SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
  • Forgiveness is automatic on an EIDL Advance and if a borrower got both an EIDL Advance and PPP loan, the EIDL Advance is deducted from the forgivable amount of a PPP loan.

Apply Directly for an EIDL Loan

 

Contact the the SBA:

SBA Customer Service Center: 800-659-2955

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