Business Owners – this is for you!
PPP and EIDL funding updates:
As of Friday, April 24th, Congress has approved a bill for additional funding of $310 billion for the Paycheck Protection Program (PPP). Therefore, if you did not receive funding from the first round, submit your application as soon as possible. The SBA has a tool for finding eligible PPP lenders nearby.
Small Business Administration (SBA) lenders disbursed the first round of funding in only 13 days. We expect this round to go quickly as well. PPP is a great option to help us keep our employees on payroll. The demand for the funds emphasizes how badly small business owners are being affected by this crisis.
Our recommendation is to always have a relationship with a community bank. Community banks and smaller credit unions have been more responsive to the small business community during this crisis. One important provision of the new funding measure is that it sets aside $60 billion for community banks and smaller credit unions. Through such lenders, the SBA will begin accepting PPP applications again on Monday, April 27th.
The new bill includes an additional $60 billion in funding for the Economic Injury Disaster Loan (EIDL) which offers low-interest loans up to $2 million. Businesses can also apply for a $10,000 advance on the loan that does not need to be repaid. The SBA will resume approving existing applications and begin accepting new applications through its website soon.
The Mettise Group will continue to post frequent updates to bring you the most current information via social media and our COVID-19 resource page.