Emergency Small Business Loan Guide & Checklist
Knowing of your interest in up-to-date information for local businesses and non-profits navigating the COVID-19 crisis, we wanted to provide you with updated information as it becomes available. Please see below for some notable updates on possible assistance options:
1. General Resources
This guide has frequently asked questions for each of the programs established or enhanced to support small businesses, and I have briefly summarized the major provisions of each program below to make it easier to digest.
2. Paycheck Protection Program Loans – Guidance now available.
General Information: The PPP program is designed to help small businesses maintain payroll in light of the COVID-19 pandemic. Eligible businesses who enroll in the program will receive a forgivable loan to use for payroll purposes, in addition to helping pay for utilities, rent, mortgage interest payments, and more. Details are included in the links below.
New Resources: This morning, the Small Business Administration distributed additional guidance from the U.S. Department of the Treasury on how the Paycheck Protection Program is going to be implemented and what both lenders and borrowers need to know. The following documents were provided:
Key Dates: The start date for small businesses and sole proprietorships to submit PPP loan applications is April 3, 2020. The start date for independent contractors and self-employed individuals to submit PPP loan applications is April 10, 2020. Importantly, the Treasury Department guidance urges businesses to apply as soon as possible, due to a funding cap in place on this program.
Lender Information: PPP loans will be 100% federally guaranteed but handled by SBA-certified lenders. Lending institutions that are not currently SBA-certified but want to participate should email DelegatedAuthority@sba.gov.
Application Information: Interested parties should contact their local lender to see if they are SBA-certified and/or planning on participating in the program. Applicants will have to provide payroll documentation to the lender.
3. Economic Injury Disaster Loan Program remains available
General Information: The SBA’s Economic Injury Disast
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