May the 4th Be With You
Well, halfway through the year, it seems like we have lived 100 years. Hoping and praying for health and happiness to all. I hope that you, your family, and friends, are having a safe and fun holiday weekend.
The LATEST updates on the PPP and EIDL Disaster Loan Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Full Overview of EIDL and PPP Loan Programs: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
PPP Loan How to Calculate PPP Loan amounts https://www.sba.gov/document/support–how-calculate-ppp-loan-amounts
Find Lender: https://www.sba.gov/paycheckprotection/find
Calculator Information and Pertinent Link: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-0
Loan Details and Forgiveness Information:
PPP Loan Forgiveness Application: https://www.sba.gov/document/sba-form-paycheck-protection-program-loan-forgiveness-application-instructions-borrowers-6-16-2020
EZ Loan Forgiveness Application:https://www.sba.gov/document/sba-form-paycheck-protection-program-ez-loan-forgiveness-application-6-16-2020
EZ Loan Forgiveness Instructions: https://www.sba.gov/document/sba-form-paycheck-protection-program-ez-loan-forgiveness-application-instructions-borrowers-6-16-2020
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on June 15 to qualified small businesses and U.S. agricultural businesses. The new eligibility for U.S. agricultural businesses is made possible as a result of the latest round of funds appropriated by Congress in response to the COVID-19 pandemic. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For agricultural businesses that submitted an EIDL application through the streamlined application portal prior to the legislative change, SBA will process these applications without the need for re-applying.
Information and all Links of EIDL Grant/Loan Emergency Advance Program https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-
EIDL Loan Application: https://covid19relief.sba.gov/#/