Small Business COVID-19 Emergency Loans & Relief Programs
As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. 
 
Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s everything small business owners need to know now:  

Loan Forgiveness Reduction: If you also received an EIDL grant, your PPP loan forgiveness will no longer be reduced by the amount of the grant. 
Loan Forgiveness Period: The period for which expenses count toward loan forgiveness will begin on the date of loan origination and end on a date of your choosing that is between 8 and 24 weeks after origination. 
Simplified Application: If your loan was for less than $150,000, there will be a simplified one-page application process for loan forgiveness.

EIDL Grants: The new law reopens the $10,000 EIDL Grant program. Priority for the full amount of the EIDL grant will be given to small businesses with less than 300 employees, located in low-income neighborhoods, who have experienced a 30% reduction in gross receipts during any 8-week period between March 2 and December 31, 2020, compared to a comparable 8-week period before March 2. If you meet this description and received a grant that is less than $10,000 you can reapply to receive the difference. 

SBA Loan Debt Forgiveness: The new law resumes the government payment of monthly principal and interest on small business loans guaranteed by the SBA under the 7(a), 504, and Microloan programs. Borrowers with loans approved by the SBA prior to the CARES Act will receive an additional three months of payments beginning in February of 2021. Those payments will be capped at $9,000 per borrower per month. 

For more detailed information and updates from the SBA, US Chamber and U.S. Department of the Treasury please visit the following resources:






Members of the GNFCC Economic Recovery Task Force –
Cash Flow & Liquidity include:
Chair - Alan Najjar, Smith & Howard
Danielle Cheung, Bank of America
Linda Coyle, LGE Community Credit Union
Lee Doernberg, Liquid Capital
Alex Girrbach, Greater North Fulton Chamber
Dr. Karim Godamunne, Wellstar Hospital
Brenda Hall, The Cottage School
John Herbert, Herbert Legal Group
Doug Higgins, United Community Bank
James Holmes, Truist Bank
Staci Hutto, Troy University
Lisa Lawrence, LGE Community Credit Union
Matt McClure, Synovus Bank
Matthew Thomas, City of Alpharetta
Danny Vander Maten, Cresa