US Small Business Administration (SBA) Information

SBA released a new Economic Injury (EIDL) processing platform yesterday which incorporates the ability to request an Economic Injury Disaster Loan Advance of up to $10,000.    The loan advance will provide economic relief to businesses that are currently experiencing temporary loss of revenue.   Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.   https://www.sba.gov/disaster
 
SBA sent out the below message to everyone that had applied for an EIDL loan prior to the loan advance option becoming available through the Cares Act.     
 
"We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL). This Advance may be available even if your EIDL application was declined or is still pending, and will be forgiven."
 
If you wish to apply for the Advance on your EIDL, please visit https://www.SBA.gov/Disaster as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application. Also, we encourage you to subscribe to our email updates via https://www.SBA.gov/Updates and follow us on Twitter at @SBAgov for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at https://www.SBA.gov/LocalAssistance. If you have questions, you may also call 1-800-659-2955.

The SBA is working hard to come out with formal guidance on the new Paycheck Protection Program (PPP) for loans up to $10 million.  We are told to expect that the program will be available on Friday.     That is the goal/plan. PPP loans, unlike SBA EIDL loans, are processed through SBA lenders and are 100% guaranteed by SBA with forgivable features.  We will get you info and guidance on the particulars as soon as we have it.