EIDL & PPP
Today, the House and Senate came to an agreement on additional funding for both the PPP and Disaster Loans (EIDL). The President has indicated he will sign the Bill. Since these are not new programs, but rather a funding “deal”, there should be no need to await guidance on roll-out.
You should immediately contact your banking institution if you were not approved in the first round of funding for the PPP.
You should also apply for the EIDL if you did not previously make application.
From prior weekly updates; following are links you’ll need to complete applications and get information on these programs:
Here are some quick links to the CARES PPP most recent changes:
- Application Form Update – I have attached the most recent application to this email as well as provided a direct link from the Treasury website: Paycheck Protection Program – Final Borrower Application
- Interest Rate – The SBA increased the rate from .5% to 1.00%. I have attached the New updated Fact Sheet to this email. Also, here is the link that outlines the new Fact Sheet for Borrowers: PPP Borrower Fact Sheet
- SBA – Final Interim Rule – Attached is the Final Interim Rule. This provides the most detailed update for items such as “What qualifies in Payroll Costs” and even provides examples. Here is the link: SBA – Final Interim Rule
- Treasury Department FAQs – FAQs Link
- EIDL – Economic Impact Disaster Loan – We’ve suggested previously that each of you should gave already applied for the EIDL. The link is below. EIDL Loan Application and “Disaster Loan Advance” Link