Small Business Loan Alert

SBA Streamlines EIDL Loan/Advance Applications and
Provides PPP Loan Information

Paycheck Protection Program Guidance

The SBA provided additional guidance late yesterday to the lending community regarding the Paycheck Protection Program. Linked are the following key communications received to date regarding the program:

·          The SBA's Loan Application

You will need to reach out to your local SBA approved lender to submit the application. If you do not have a bank contact, we can provide you with one.

Several payroll providers are reaching out to their customers to assist in running the reports to assist in preparing the submission. Let us know if we can do anything to assist you. 
Economic Injury Disaster Loan and Advance Application Update

The SBA updated the application process to allow for a streamlined online application. The 2 page form is simplified with very little information requested and, although the form says it will take over 2 hours to complete, if you have your last 12 months' of sales and cost of goods sold totals, that's all you will need and the form takes about 15 minutes to complete.

We received this communication from the SBA this week:

Update about the Economic Injury Disaster Loan application to be submitted to the U.S. Small Business Administration

We know you are facing challenging times in this current health crisis. The U.S. Small Business Administration is committed to help bring relief to small businesses and nonprofit organizations suffering because of the Coronavirus (COVID-19) pandemic. 

On March 27, 2020, President Trump signed into law the CARES Act, which provided additional assistance for small business owners and non-profits, including the opportunity to get  up to a $10,000 Advance on an Economic Injury Disaster Loan (EIDL) . This  Advance  may be available even if your  EIDL  application is declined or is still pending, and  will be forgiven.

If you wish to apply for the Advance on your EIDL, please visit  www.SBA.gov/Disaster  as soon as possible to fill out a new, streamlined application. In order to qualify for the Advance, you need to submit this new application even if you previously submitted an EIDL application. Applying for the Advance will not impact the status or slow your existing application.

Also, we encourage you to subscribe to our email updates via  www.SBA.gov/Updates  and follow us on Twitter at  @SBAgov  for the latest news on available SBA resources and services. If you need additional assistance, you can find your local SBA office and resource partners at  www.SBA.gov/LocalAssistance . If you have questions, you may also call 1-800-659-2955.

Please contact your engagement team leader at LevitZacks if you have any questions or need any assistance in submitting your SBA applications.
Our COVID-19 Response Team is working to provide you with the most current developments that impact you and your business during this crisis. We are here to help you plan and implement the new legislation and strategies to weather this pandemic storm. Please see our COVID-19 Resource Page for a collection of client alerts and other beneficial resources.
This information has been provided for informational purposes only and not actual professional tax and/or accounting advice. Before making any decision or taking any action you should consult with your professional advisor about your specific situation.
Please contact your engagement shareholder or manager directly if you have any questions.