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PPP for Self-Employed

On Thursday, April 23, the House passed the new appropriation bill previously passed this week by the Senate (update: and signed by the President on Friday). It is expected PPP and EIDL will reopen on Monday, April 27 (but keep checking sba.gov, in case the SBA EIDL application portal opens earlier!).

Update:

In a press release on Friday (4-24) afternoon, the SBA announced: “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.”
(The press release did not include any specific information or details about the re-opening and resumption of EIDL.)
The new bill adds $50 billion into the Emergency Economic Injury Disaster (EIDL) loan program. There is another $10 billion solely for the EIDL advances.
“The new legislation provides $310 billion in new funding for the Paycheck Protection Program with $30 billion going to small lenders with less than $10 billion in assets and another $30 billion earmarked for small lenders with between $10 billion and $50 billion in assets. This $60 billion set-aside may help mom-and-pop businesses frozen out of round 1 finally obtain loans. The balance, $250 billion of new funding, will go into the regular PPP loan program which, like the set-aside funds, provides forgivable loans of up to $10 million each.” (https://www.investopedia.com/how-to-navigate-the-new-stimulus-plan-and-get-a-ppp-loan-4843031)


The SBA.gov website further clarifies:
Additional Funding Notice: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Dallas Metropolitan SBDC has created a presentation on PPP for Self-Employed for this new category of businesses, that was launched just before monies were depleted. Click to download the PDF.

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City of Dallas COVID19 Small Business Assistance Announced

The City of Dallas announced new financial relief programs for small businesses, along with other programs for residents.

Read More below:

https://www.fox4news.com/news/dallas-council-approves-rental-relief-fund-eviction-pause-small-businesses-assistance

The city also passed a resolution that will provide $5 million in assistance to small businesses hit hard by COVID-19 crisis. The money from the federal CARES Act will be distributed in the form of either $10,000 grants or $50,000 loans.

“Small businesses are the lifeblood of the Dallas economy,” said Dallas Mayor Eric Johnson.

Applications for Dallas businesses also go live on May 4. Owners could get the dollars as early as June 15.

Businesses will be required to retain 80 percent of the workforce they had February 29. The city has not yet released information about where people and businesses can apply for these funds.

More than a million dollars of that funding is specifically directed to historically under-invested communities. It’s intended to be a very thorough process.

Small business relief

The Office of Economic Development is launching a $5 million Small Business Continuity Fund that will provide up to $10,000 in grants and up to $50,000 in low-cost loans to small businesses affected by COVID-19.

The businesses must be able to prove they were in operation for a minimum of six months prior to March 16 must be low to moderate income microbusiness owners and/or businesses that employ or previously employed at least 51 percent LMI workers.

The fund is intended to ensure continued operations of small businesses and job retention by those businesses. The application is expected to go live in May for grants and loans to begin in June.

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Resources:

http://dallasecodev.org/562/COVID-19-Info-for-Small-Businesses

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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.