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Update on new PPP and EIDL Appropriation Monies

Update Friday April 24. The House passed the appropriation bill on Thursday.

President Trump signed a $484 billion interim coronavirus relief bill on Friday that will add another $310 billion to the small-business Paycheck Protection Program (PPP), as well as provide billions in aid to hospitals and for testing.

https://www.axios.com/trump-signs-interim-coronavirus-relief-bill-192d7b83-ec92-4fa9-9f8c-be241e886192.html

….

On Tuesday (April 21) the US Senate passed a $484 Billion appropriation bill to further fund the SBA Economic Injury Disaster Loan (EIDL) (and EIDL Loan Advance) and Paycheck Protection Plan (PPP) programs.

The US House votes on Thursday (April 23) . If passed, it will go to the President to sign.

Until then, the EIDL application portal remains unavailable. But the SBA is continuing to process applications internally, and banks continue to accept applications for both employer and sole-proprietor/self-employed/1099 PPP programs.

We expect the EIDL portal to reopen soon.

An informative article:

https://www.washingtonpost.com/us-policy/2020/04/21/congress-coronavirus-small-business/

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Senate approves $480 billion package

https://www.cnn.com/2020/04/21/politics/chuck-schumer-coronavirus-relief-small-business-cnntv/index.html

CNN reporting:
Updated 5:48 PM ET, Tue April 21, 2020

Senate approves $480 billion package to help small businesses and hospitals, expand testing

More details of what’s in the deal
Of the $310 billion authorized for the Paycheck Protection Program, $60 billion will be set aside for smaller lending facilities, including “community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion.”
There will also be $10 billion for grants under the Emergency Economic Injury Disaster Loan program, $50 billion for disaster recovery loans

The deal will also provide $75 billion for hospitals and health care providers stretched thin by the pandemic to address coronavirus expenses and lost revenue and an additional $25 billion to facilitate and expand Covid-19 testing.

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Latest News 4-21-20

https://www.cnn.com/2020/04/21/politics/chuck-schumer-coronavirus-relief-small-business-cnntv/index.html

CNN is reporting:

Congress reaches deal on $450 billion package to help small businesses, sources say

By Manu Raju and Clare Foran, CNN

Updated 1:26 PM ET, Tue April 21, 2020

(CNN) Congressional negotiations have reached a deal on a bill that includes hundreds of billions of dollars in new funding for small businesses hurt by the coronavirus outbreak, three sources familiar tell CNN. The text of the bill should be unveiled as soon as Tuesday afternoon as the two sides give the deal a final read. Lawmakers will try to pass it in the Senate at 4 p.m. ET when the chamber convenes for a pro forma session.President Donald Trump signaled his approval of the deal on Twitter, saying, “I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing.”

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SBA EIDL and PPP resources

Update: as of 4-21-20, news media is reporting that a ~$450B supplemental appropriation bill will pass soon, and SBA EIDL and PPP loan applications and approvals can resume.

Our own resources tell us that if you have applied already, that it is a waiting game. We understand this is not especially comforting as bills continue to grow. Some SBDC clients have recently received letters that their applications are being processed and that additional documentation will be requested. This is encouraging. It means the back end processes are moving forward.

Here is a brief list of resources.

For help with SBA’s Disaster Loan Assistance website please contact the disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov.

DMSBDC website:

http://dallasmetropolitansbdc.com/category/covid19/

SBA.gov information:

https://www.sba.gov/funding-programs/disaster-assistance

EIDL application itself:

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

an SBA bank list resource 1:

(refer to page 29 of the Resource Guide)

https://www.sba.gov/sites/default/files/files/resourceguide_3148.pdf

SBA bank resource 2:

an Excel List of SBA lenders

https://www.sba.gov/sites/default/files/resource_files/Loan_Volume_Comparison_As_Of_September_30_2019.pdf

A organization of SBA lenders:

A US Treasury Fact Sheet:

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

US Treasury PPP website:

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

US Treasury PPP FAQ

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

NDC – PPP application webinar

Protection Program Documents

Treasury Dept- PPP Fact sheet

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

SBA PPP Application

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program- Application-3-30-2020-v3.pdf

US Chamber of Commerce PPP Guide

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

Senate FAQ Both loan programs

https://www.sbc.senate.gov/public/_cache/files/2/9/29fc1ae7-879a-4de0- 97d5-ab0a0cb558c8/1BC9E5AB74965E686FC6EBC019EC358F.the-small- business-owner-s-guide-to-the-cares-act-final-.pdf

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Limited Grant Opportunity

Application open today: U.S. Chamber Foundation’s Save Small Business Fund.

In an effort to support small businesses during this unprecedented time, we are pleased to share that Travelers is a launch partner of the U.S. Chamber Foundation’s Save Small Business Fund. This Fund will provide assistance to small business owners impacted by the coronavirus through $5,000 grants to eligible small employers in the U.S. and its territories. Grant applications are open today, Monday, April 20, 2020, so we encourage you to visit www.savesmallbusiness.com for information on eligibility, grant timelines, and more. Please feel free to share this information with other small businesses in your networks that might be in need.

At the Travelers Institute, we understand the far-reaching impacts of small businesses on families, communities and the economy, and are pleased to help offer this support during this difficult time.

The Travelers Institute team

Travelers Institute

Travelers

1 Tower Square | Main South, 8th Floor  

Hartford, CT 06183

institute@travelers.com | travelersinstitute.org

TO QUALIFY
YOU MUST

– Employ between 3 and 20 people

– Be located in an economically vulnerable community

– Have been harmed financially by the COVID-19 pandemic

As a test, the zip codes of Dallas Metropolitan SBDC and an adjacent neighborhood, 75215 and 75226, both qualify!

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SBA Disaster Loan Quick Summary

update 4-16-20:

The PPP Loan program for Independent Contractors and Sole-Proprietorhsips is planned to launch Friday April 17.

update 4-17-20:

The PPP Loan program for Independent Contractors and Sole-Proprietorhsips has launched as of Friday April 17. Contact a participating lender.

update 4-18-20:

SBA has announced that funding has been exhausted for the PPP and EIDL programs and no further applications will be accepted pending additional funding.

update 4-20-20:

News outlets are reporting that Congress and the Administration are negotiating an additional $370B for the EIDL, PPP and other disaster assistance programs, and expected to pass Tuesday April 21, 2020.

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SBA COVID19 Disaster Assistance Links

SBA.gov information:

https://www.sba.gov/funding-programs/disaster-assistance

EIDL application itself:

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

an SBA bank list resource 1:

(refer to page 29 of the Resource Guide)

https://www.sba.gov/sites/default/files/files/resourceguide_3148.pdf

SBA bank resource 2:

an Excel List of SBA lenders

https://www.sba.gov/sites/default/files/resource_files/Loan_Volume_Comparison_As_Of_September_30_2019.pdf

A organization of SBA lenders:

https://ntaggl.org/

A US Treasury Fact Sheet:

https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf

US Treasury PPP website:

https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses

US Treasury PPP FAQ

https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf

NDC – PPP application webinar

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PPP Loan Summary Presentation

Click to view or download a PDF version of a presentation about the SBA Paycheck Protection Program, presented by Dallas Metropolitan SBDC.

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Additional SBA Disaster Loan Assistance (Debt Relief)

In addition to the SBA Economic Injury Disaster Loan (EIDL) and EIDL Loan Advance, and the Paycheck Protection Program (PPP), there are additional assistance programs some business owners need to know about.

SBA has two additional programs, SBA Bridge Loans and SBA Debt Relief

For existing SBA 7(A) and 504 Loan borrowers, the SBA is offering important Debt Relief!

As part of SBA’s debt relief efforts,

  • The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.
  • The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
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Strategies to Recover from Disaster

Business Resiliency Guide: Keeping the Lights on

Materials Now Available
America’s SBDC, Grow with Google and the Washington SBDC Network teamed together to bring small businesses across the country a Small Business Resiliency Guide.

The materials covered; · Identify your critical resources · Plan to use alternative resources · Respond with your plan · Bring your business back to normal PLUS · Discover Google tools that can help you work and manage your business during this time of uncertainty · Get insights on more online and timely resources for small businesses
Get the Resiliency Guide & Materials
Learn more about Grow with Google