As the review and guidance for the $2 Trillion Dollar stimulus plan continues, below is the most recent update on the Economic Injury Disaster Loans and the Paycheck Protection Plan. Start applying Friday, April 3. We will continue to update the Stimulus Plan as the guidance is published.
Helpful Links For Your Business
EIDL is a low-interest, working-capital loan for small businesses affected by COVID19. The loan provides temporary relief up to $2 million to assist qualifying businesses and private nonprofits in meeting their obligations. The first $10,000 can be obtained as an advance.
The Small Business Administration (SBA) has released its NEW streamlined application for the Economic Injury Disaster Loan (EIDL). You may now quickly identify eligibility for disaster loan support. If you are unsure whether your organization is eligible, it is recommended that you apply.
IF YOU APPLIED ON THE OLD SITE, YOU MUST APPLY AGAIN ON THE NEW SITE.
Note: EIDL loans and the $349 Billion in Paycheck Protection Program (PPP) loans established under the CARES ACT are different programs!
You may apply to both loans, separately.
Employer Retention Tax CreditAs part of the CARES Act, the Congress created the new Employee Retention Tax Credit.It represents a 50% tax credit for the first $10,000 of compensation, including the employer portion of health benefits, for each eligible employee.• Compensation does not include paid sick or family leave for which the employer is reimbursed under the Families First Coronavirus Response Act• The credit only applies to wages paid after March 12, 2020 and before January 1, 2021
Paycheck Protection Program (PPP)U.S. Department of Treasury Releases Information on Paycheck Protection ProgramThe U.S. Department of Treasury has shared new information regarding the Paycheck Protection Program. The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $349 billion toward job retention and certain other expenses. Please review the resources provided by the U.S. Department of Treasury below and visit their webpage for additional information.THE APPLICATION IS OPEN ON APRIL 3rd, 2020*• A top-line overview of the program can be found here.• If you’re a lender, more information can be found here.• If you’re a borrower, more information can be found here.The application for borrowers can be found here.*Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020,independent contractors and self-employed individuals can apply.We encourage you to apply as quickly as you can because there is a funding cap.
SBA Bridge LoansThese loans authorize SBA Express Lenders (banks and nonprofit lenders) to provide expedited SBA-guaranteed bridge loan financing on an emergency basis in amounts up to $25,000 for disaster-related purposes to small businesses while those small businesses apply for and await long-term financing (including through SBA’s direct Disaster Loan Program, if eligible).