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Things to Know About SBA COVID-19 Emergency Loan Programs as of August 8, 2020

Economic Injury Disaster Loan (EIDL)

– The online application is  open for all eligible small businesses and agri-businesses

– SBA is continuing to process and fund applications, received approximately 10 million to date.

– The $20 Billion appropriated for the EIDL Advance (grant) of $1000 per employee up to $10,000 max has been exhausted.  By law, SBA can no longer disburse funds for this program. 

– SBA has now approved nearly 4 million EIDL loans.  Nearly all of them were approved in just the past couple weeks.  You will receive an email from SBA asking you to  login.  For security reasons, hover your curser over the email address to ensure its really from SBA

Paycheck Protection Program (PPP)

– You may have heard in the news, the PPP program expired August 8, unless extended by Congress. Most lenders have closed their application portals to ensure all applications on hand get processed before the deadline.  If you are eligible and unable to get a PPP loan, signup for our news updates at www.sba.gov/updates so you are notified if the program is extended.

– SBA partners with commercial lenders to deliver this lifeline program and according to public reports dated July 27,  $130 Billion was still available.

– SBA has issued PPP Loan Forgiveness Guidance and Form, which is available at https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program

Other Valuable Information:

 – Funding: SBA 7(a), 504 and microloans, on which we are offering Debt Relief.

 – Advising: Connect with the SBA Resource Partner Network for business resiliency readiness advising and training.

 – Local Partner Resources: Connect with any state or local government funding program, grants, training, or resources available in your district. www.business.wa.gov

 – Other CARES Act provisions to assist Small Businesses:

Employee Retention Tax Credit – potential credit for retaining employees (PPP borrowers are not eligible) – https://www.irs.gov/coronavirus/coronavirus-tax-relief-for-businesses-and-tax-exempt-entities

Self-Employed Individuals may be eligible for Pandemic Unemployment Assistance when they wouldn’t otherwise be eligible:

WA: https://esd.wa.gov/newsroom/covid-19

ID: https://www.labor.idaho.gov/dnn/Unemployment-Benefits/Federal-Pandemic-Unemployment-Compensation

For news and updates, please subscribe to receive the latest information:

– Subscribe for email alerts at www.sba.gov/updates

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