Small Business Administration
COVID-19 Small Business Guidance & Loan Resources
COVID-19 Small Business Guidance & Loan Resources
Paycheck Protection Program
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce
employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
The Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce
employed during the Coronavirus (COVID-19) crisis. SBA is currently offering:
- First Draw PPP Loans for first time program participants
- Second Draw PPP Loans beginning January 13, 2021 for certain businesses who have previously received a PPP loan
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First Draw PPP Loans
An SBA loan that helps businesses keep their workforce employed during the (COVID-19) crisis. Second Draw PPP Loans
Eligible businesses may apply for a Second Draw. |
PPP Lender Information
Information and resources for lenders participating in the Paycheck Protection Program. PPP Loan Forgiveness
Borrowers may be eligible for loan forgiveness. |
Economic Injury Disaster Loan Program
The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.
The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.
To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses make it through this challenging time. Read the full press release below
The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021.
The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27, 2020.
To date, the SBA has approved $197 billion in low-interest loans which provides working capital funds to small businesses, non-profits and agricultural businesses make it through this challenging time. Read the full press release below
US Chamber of Commerce COVID-19 Resources
How to Get your PPP Loan Forgiven
One of the most extensive ways the federal government sought to aid businesses suffering from coronavirus-related shutdowns and disruptions was implementing the Paycheck Protection Program (PPP).
After its creation in March 2020, the program has been modified several times to ensure more businesses could participate, with the SBA approving more than 5 million loans worth more than $525 billion throughout 2020.
What made the program so popular was the ability for businesses to have their loans forgiven, effectively making them grants. However, the loans were issued with specific criteria that needed to be fulfilled to have them forgiven. Below we will outline requirements for loan forgiveness, how to get a forgiveness application and other important details for those businesses hoping to have their PPP loan forgiven, including the latest revisions issued by the federal government in December 2020.
One of the most extensive ways the federal government sought to aid businesses suffering from coronavirus-related shutdowns and disruptions was implementing the Paycheck Protection Program (PPP).
After its creation in March 2020, the program has been modified several times to ensure more businesses could participate, with the SBA approving more than 5 million loans worth more than $525 billion throughout 2020.
What made the program so popular was the ability for businesses to have their loans forgiven, effectively making them grants. However, the loans were issued with specific criteria that needed to be fulfilled to have them forgiven. Below we will outline requirements for loan forgiveness, how to get a forgiveness application and other important details for those businesses hoping to have their PPP loan forgiven, including the latest revisions issued by the federal government in December 2020.
Guide to Small Business COVID-19 Emergency Loans
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s everything small business owners need to know now:
How Do These Changes Impact My Existing PPP Loan?
I Exhausted My Initial PPP Loan, How Does This Help Me?
What If I Never Received a PPP Loan?
Which Changes to Other Programs That May Help My Small Business Have Been Changed?
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.
Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s everything small business owners need to know now:
How Do These Changes Impact My Existing PPP Loan?
I Exhausted My Initial PPP Loan, How Does This Help Me?
What If I Never Received a PPP Loan?
Which Changes to Other Programs That May Help My Small Business Have Been Changed?
National Restaurant Association
PPP "User Manual" from National Restaurant Association
On Wednesday night, SBA and Treasury released their official guidance on how the second round of PPP will work. The National Restaurant Association has distilled it into what I’ll call a seven-page “PPP User Manual”. The document can be found online here.
SBA this morning announced that PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital for underserved communities, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
We hope you find this “manual” helpful and will consider it as you move to preserve your business.
On Wednesday night, SBA and Treasury released their official guidance on how the second round of PPP will work. The National Restaurant Association has distilled it into what I’ll call a seven-page “PPP User Manual”. The document can be found online here.
SBA this morning announced that PPP will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital for underserved communities, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
We hope you find this “manual” helpful and will consider it as you move to preserve your business.
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