Paycheck Protection Program:
- If you’ve already applied for an EIDL: The SBA is processing applications already in their system on a first-come, first-served basis. You do not need to reapply.
- If you have not already applied for an EIDL: Check back at the SBA application page once the additional funding is signed into law. The SBA will re-open applications shortly afterwards.
- If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if they are maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
- If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.
June 18, 2020
Small Business Administration (SBA) announced a new “EZ” version of the PPP loan forgiveness application that’s more borrower-friendly.
The EZ application requires fewer calculations and less documentation for eligible borrowers. More details of these provisions are available on the form itself, which can be found on the Small Business Administration’s website . Businesses that do not qualify for the new “EZ” application can still apply for loan forgiveness using the full forgiveness application .
April 23, 2020
House set to pass $484 billion bill with money for small businesses, hospitals and testing to battle coronavirus
April 16, 2020
Ryan Lambert, Intergovernmental Affairs Officer for the U.S. Small Business Administration (SBA) has provided a statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program.
Currently SBA has issued a Lapse in Appropriations Notice. SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
This powerful resource is critical to the recovery of many small businesses.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first served basis.
Further noted was: “SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses. By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations. SBA is urging Congress to appropriate additional funds for the Paycheck Protection Program.”
An additional $2.5 Billion has been proposed for use by qualifying SBA loan applicants.
In the interim, LEDBizloan.com remains an option. If your lending institution(s) are not participating in the program currently, there remains capacity in the program. Lenders are encouraged to contact LED’s Kelly Raney for additional information (Kelly.email@example.com)