COVID-19

June 17, 2020

SBA News: Updated PPP Forgiveness Forms & Deadline Approaching; EIDL Portal Reopens for All

Applying for PPP Loan Forgiveness

If you’ve already received the SBA’s PPP loan to help your small business with paying your employees during COVID-19, or you just want to know more about how these loans will be processed for forgiveness on the back end, the SBA and Treasury have released new revised, more borrower-friendly PPP forms including:

In addition to revising the full forgiveness application (revised 6-16-2020), SBA also published a new EZ version that applies to some borrowers. 

For more information on these forms, you can read the full NEWS RELEASE.

Time is Running Out to Apply for PPP Forgivable Loan

If you haven’t yet applied for an SBA PPP Loan, there is still more than $100 billion available but the deadline to apply is coming fast! Lenders have to submit loan applications to the SBA by June 30th. We don’t want any small businesses in need to be left out. If you need help finding a lender https://www.sba.gov/paycheckprotection/find?utm_medium=email&utm_source=govdelivery&pageNumber=1″ target=”_blank” rel=”noopener” text-decoration: underline; “>click here to search the SBA’s Lender Locator Tool.

Sole proprietors, self-employed individuals, and other business owners are urged to seriously consider applying for this program. Don’t wait until June 30th–that will be too late!

SBA Reopens EIDL Disaster Loan Portal to All

SBA has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. Important points to consider are:

  • EIDL assistance can be used to cover payroll and inventory, pay debt or other expenses. The interest rate is 3.75% for small businesses, 2.75% for non-profits and the term is for up to 30 years.
  • The EIDL Advance can provide up to $10,000 ($1,000 per employee) in emergency funds to businesses that do not have to be repaid.
  • SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
  • Forgiveness is automatic on an EIDL Advance and if a borrower got both an EIDL Advance and PPP loan, the EIDL Advance is deducted from the forgivable amount of a PPP loan.

Apply Directly for an EIDL Loan

 

Contact the the SBA:

SBA Customer Service Center: 800-659-2955


 

Funding: Grants/Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn.

Funding Options under the CARES Act:

1. Paycheck Protection Program

An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program-ppp

 

PPP guide and checklist:

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

 

Leer en español (PDF)

https://www.uschamber.com/sites/default/files/coronavirus_aid_spanish_3.31.20.pdf

 

2. Economic Injury Disaster Loan Emergency Advance

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

3. SBA Express Bridge Loans

Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-express-bridge-loans

4. SBA Debt Relief

The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/sba-debt-relief

 

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MN Small Business Loan Guarantee Program:

The Minnesota Department of Employment and Economic Development (DEED) now offers the Minnesota Small Business Loan Guarantee Program. This temporary program, established in response to the 2020 public health emergency, will help Minnesota lenders provide capital to small businesses in Minnesota affected by COVID-19. These loans can be used for a variety of purposes and can be subordinate to other financing. Allowable loan uses must be exclusively in Minnesota and include machinery or equipment purchases, maintenance, or repair; expenses related to moving into or within Minnesota; and working capital when the working capital is secured by fixed assets when possible.

 

https://mn.gov/deed/business/financing-business/deed-programs/loan-guarantee/index.jsp

 

MN Small Business Emergency Loan:

Following Executive Order 20-15, DEED has established a loan program to assist small businesses directly and adversely affected and whose industry is named in Executive Orders 20-04 and 20-08 following the COVID-19 pandemic. Small businesses are a vital part of Minnesota’s economy and this program will provide a source of working capital to help businesses sustain operations during this challenging time.

https://mn.gov/deed/business/financing-business/deed-programs/peacetime/index.jsp

 

Federal SBA Disaster Loans and Emergency Grants:

https://mn.gov/deed/business/financing-business/federal-sba/index.jsp

 

If you have questions about the SBA’s EIDL Loans, please watch this 14 minute video to help answer some FAQs. https://www.youtube.com/watch?v=z-dHh64AxUg&feature=youtu.be

 

COVID-19 Economic Injury Disaster Loan Application:

https://covid19relief.sba.gov/#/

 

Download the emergency loans guide:

https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf

Leer en español (PDF)

https://www.uschamber.com/sites/default/files/coronavirus_aid_spanish_3.31.20.pdf

 

Governor’s Office: Executive Orders

MN Deed (MN Dept of Employment & Economic Development)

Small Business Owner’s Guide to the CARES (Coronavirus Aid, Relief, and Economic Security) Act

Minnesota Department of Revenue

 


Employment/Employee Guidance (State & Federal Guidance)

Unemployment Insurance

Guidance on Stay At Home Order from MN Governor 

Hospitality Minnesota

DEED: Critical Business List

Governors Office: Executive Orders

Stay At Home Orders: FAQ

 

Small Businesses that were impacted due to the Governors Executive Orders 20-04 and 20-08 are eligible for emergency loans through the state DEED office. These loans are 0% interest and payments are deferred for the first six months. These five year loans are to help bridge the gap between lost income and SBA federal loans. For more information visit: https://mn.gov/deed/business/financing-business/deed-programs/peacetime/

 


The list includes Terms, Usage, Rates, etc.

Monday, March 23

Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters

 

Disaster Loan Application Paper Forms  If you are in a declared disaster area and have suffered any disaster related damage you may be eligible for federal disaster assistance. Homeowners and Renters must register with the Federal Emergency Management Agency to obtain a FEMA Registration ID Number by calling 1-800-621-3362. You can apply for a disaster loan online.

 

The paper forms for the SBA Disaster Home / Sole Proprietor Loan Applications and the SBA Business Loan Applications can be found here: here: https://disasterloan.sba.gov/ela/Information/PaperForms

 

More Information from the SBA:

 

SBA’s Coronavirus (COVID-19) Small Business Guidance & Loan Resources click here

 

SBA’s Economic Injury Disaster Loans click here

 

SBA Customer Service Center: 800-659-2955

 

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