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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!).


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.

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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