Update: April 25 , 2020- The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
Update: April 24 , 2020-
The President has signed the Paycheck Protection Program and Healthcare Enhancement Act ino law.
The SBA has issued new guidance that makes it “unlikely” that large public companies can access the funding in the Paycheck Protection Program and Health Care Enhancement Act.
“Borrowers still must certify in good faith that their PPP loan request is necessary,” the SBA said. “It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.”
“Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith,” the SBA said.
To access the current form Paycheck Protection Program Application Form click here. This form is the final form,
Please visit this summary and review Section 1. This has the information on the loan process for PPP loans.
To access the (up to) $10,000 Emergency Grant, COVID-19 Economic Injury Disaster Loan on the SBA site click here.
Please visit this summary and review Section 3. This has the information on the loan process for Economic Injury Disaster Loans.
If you need assitance with this process, we are here to help. Please call or e-mail us today to discuss our available services.
We have developed Loan Amount calculator for the PPP loan to accurately calculate the amount for the PPP maximum. This needs to be calulated correctly for the application to be approved. E-mail, if you need assistance.
There are many differences in the SBA loans that are avaialble. Please read through this summary to familiarize with what is new and being offered through the SBA. Please also visit the SBA website for information on all of their loans.
Make sure you are familiar with the loan you are applying for. Please review the terms and conditions carefully.
