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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
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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
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COVID19 Disaster Assistance (4-18-20 Update)

Congress is working with the Administration on a new appropriation bill to further fund the SBA PPP and EIDL emergency assistance programs.

CNBC reports:

•   As of Sunday night, Senate Democrats and Republicans were negotiating a deal that would allocate $310 billion more into the Paycheck Protection Program, setting aside $60 billion for rural and minority groups
•   The remaining $60 billion would go to the Economic Injury Disaster Loan program, a separate program offering loans for small businesses.
•   Treasury Secretary Steven Mnuchin told Republicans on a call Sunday afternoon that open items are limited to increased federal funds for coronavirus testing.
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SBA PPP Loan Program for Independent Contractors

update 4-16-20

When originally launched, the SBA Paycheck Protection Program (PPP) loans were targeted at employers of W-2 employees.

On Friday, April 17, a new PPP program will launch for sole-proprietorships and independent contractors.

As with the original PPP Loan program, these are facilitated through local banks. You will need to find a participating bank to accept your application. The SBA has a lender tool on their website.

Your federal income tax filings will be the primary documentation, specifically Schedule C (Form 1040), Profit or Loss from Business (Sole Proprietorship)

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New Details About the EIDL Loan Advance

When the SBA Economic Injury Disaster Loan (EIDL) Loan Advance program was announced, information only stated “up to $10,000”. We have now learned the amount will be calculated as $1,000 per employee.

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Gov Abbott, Goldman Sachs, LiftFund Announce $50M


Governor Abbott, Goldman Sachs, LiftFund Announce $50 Million in Loans For Texas Small Businesses