COVID-19 SBA Information
SBA Information for COVID-19 Impacted Businesess
PPP Loan Applications Reopen 1/19/21: The application process for the Small Business Administration Paycheck Protection Program (PPP) loans is reopening today to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Businesses should contact their local lender for application information.
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. Updated PPP Lender forms, guidance, and resources are available at sba.gov/ppp and treasury.gov/cares.
PPP Forgiveness FAQ: The Small Business Administration (SBA) provided new guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. The Frequently Asked Questions included which loan forgiveness application is best for sole proprietors or independent contractors as well as what payroll costs, such as employer-paid health care and retirements benefits, will be eligible for forgiveness. Click here for those FAQs.
Direct links to these courses include: How to Write a Business Plan; Marketing 101: A Guide to Winning Customers; Social Media Marketing; and Understanding Your Customer. All courses are available at www.sba.gov/learning-center. Most are 30 minutes in length.
Business Loans: The Federal Reserve's Main Street Lending Program (MSLP) is expected to roll out this week. The program is designed to provide financial support to companies that have been hurt by the coronavirus pandemic but were too big to qualify for loans in the Paycheck Protection Program (PPP). The program is set to run until Sept. 30 and has the ability to fund up to $600 billion in loans. Learn more by clicking here.
PPP Loan Forgiveness: A Step-By-Step Video Explanation: The U.S. Chamber has released a new video which provides a step-by-step explanation of the Payment Protection Program (PPP) loan forgiveness process. In the video, U.S. Chamber executive vice president and chief policy officer Neil Bradley walks you through the essential steps of the loan forgiveness process, including calculations and repayment terms. Click here to watch the video.