The President signed The Paycheck Protection Program and Health Care Enhancement Act into law on Friday April 24, 2020. This Act provides critical additional funding of $320 billion for Paycheck Protection Program (PPP) loans and $60 billion in loans and grants for the Economic Injury and Disaster Loan Program (EIDL). Both of these programs will allow small businesses that are affected by the coronavirus pandemic to keep American workers on the payroll and to fund operations.
The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10am EDT
from approved lenders on behalf of any eligible borrower. SBA will also resume processing EIDL loans and advance applications that are already in the queue on a first come, first-served basis. SBA encourages all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. When the EIDL loan program opens up for new applications you can go to the SBA website to apply by clicking
The SBA issued its fourth Interim Final Rule on Friday April 24, which contains several important new points of rulemaking and guidance. The link to the 4
IFR is provided
. Additionally, The US Treasury also updated its FAQ, please click
Please note that the SBA has changed the documentation requirements for the Paycheck Protection Program. Applications will not be considered complete until all required information is submitted. Please see the guidance provided by the US Treasury
At this time the SBA has not issued full guidance on the PPP loan forgiveness rules. We will update you as soon as more information becomes available.
Should you need help in completing your PPP loan application, please don't hesitate to contact one of us or reach out to our COVID-19 team at
. We are here to help. Take care and stay safe.
CC mgggy newsletter release 2020-12