SCORE mentors can assist you with your funding sources related to the Corona Virus.
SCORE mentors can meet with you remotely—by phone, email, and video.]
Updated SBA PPP Info
Click here to read Final PPP FAQs (August 11, 2020)_0.pdf
1. Updated FAQ on PPP Loan Forgiveness - 3 new FAQ's added on Pages 10-11 on EIDL Loans and PPP Loans
2. Updated FAQ on PPP Loan Program - 2 new FAQ's (50 and 51) added on Page 18
3. New Interim Final Rule - Establishes a process whereby the Small Business Owner can request a review by the SBA when the bank denies the PPP Loan Forgiveness and also establishes an appeal process.
SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
· Are self-employed and have no employees; OR
· Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
· Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
Click here to view the Full Forgiveness Application Form.
Click here to view the Full Forgiveness Application Instructions.
Click here to view the EZ Forgiveness Application.
Click here to view the EZ Forgiveness Application Instructions.
Assistance funds created for small businesses, nonprofits (Washington County)
Washington County small businesses could start applying for financial assistance Monday thanks to a new stabilization grant program the county commissioners approved Tuesday. The commissioners approved two grant programs Tuesday to help either small businesses or nonprofits with the economic fallout of the COVID-19 pandemic. Using federal CARES Act funding the county received, $8.9 million is available for small business grants and almost $1.2 million for the nonprofit fund. The smaller nonprofit assistance fund is for eligible 501(c)(3) organizations that provide services for the disabled, elderly or homeless populations; low-income households, or other vulnerable populations, according to program guidelines. The grants are for nonprofits providing health and mental-health services or food, essential supplies or shelter. The small business fund could help eligible nonprofit groups that don't qualify for help from the COVID-19 emergency response grant program for the aforementioned nonprofits, Business Development Director Susan Small said in a phone interview after the meeting. Small said she was aiming to have the small business grant guidelines online as early as Wednesday with the two-week application period starting Monday. That information will be posted at the county's Together We Rise website at https://www.washco-md.net/together. "We're going to make this as easy as possible for businesses to apply because we have to do this as fast as we can. The money is ready to go. Businesses are struggling," Small told the commissioners. County and Hagerstown officials worked on the program through the holiday weekend and are still finalizing details regarding how to submit applications. They are expected to be able to be submitted either electronically or in person. The Together We Rise Business Stabilization Grant Program would provide up to $10,000 per grant for eligible small businesses and nonprofits. Uses include helping to make payroll and pay rent, mortgage, utilities and insurance as well as for pandemic-related needs, such as masks for employees and plexiglass shields. Some changes were made regarding what types of businesses are eligible. Tattoo parlors are now eligible as long as they meet other eligibility requirements and can provide required documentation, Small said. Home-based businesses also are eligible, except for multilevel-marketing, home-based businesses or what is more commonly referred to as direct sales, according to Small. Other businesses not eligible include those with more than 50 employees; more than $5 million in annual revenues; real-estate holding companies; lending and investment institutions; and bail bonds companies, Small said. Subjective questions were removed from the application because there isn't a ranking or points system to get a grant, she said. The grants will be awarded on a first-come, first-served basis for those who complete applications, Small said. Questions and concerns can be emailed to email@example.com. Grant Management Director Susan Buchanan said the nonprofit assistance fund was discussed publicly for the first time Tuesday, and she hopes to have that application information available within two weeks. The maximum award via the nonprofit emergency fund is $20,000. Applications will be processed in the order in which they are received, the guidelines state. Costs those grants can be used for include personal protective equipment; increased sanitation costs due to the pandemic; increased food and essential supply distribution related to the pandemic; telehealth delivery costs; and increased homelessness prevention services such as eviction and utility shut-off assistance related to the pandemic's impact. Other eligible costs include overtime expenses related to the pandemic and salaries for temporary workers hired because of the increased need or loss of volunteer labor due to the pandemic.
SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application
PPP lenders https://www.sba.gov/paycheckprotection/find
SBA’s Economic Injury Disaster Loan Program (EIDL)
The SBA is providing loans to small businesses due to the coronavirus (COVID-19) pandemic. The loans offer up to $2 million in assistance to pay fixed debts, payroll, accounts payable and other bills.
To determine if your area has been designated, check the SBA’s list of states and counties that have been declared disasters.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act
The CARES Act established new financial assistance programs for small businesses of up to 500 employees. The new initiatives include:
The Paycheck Protection Program (PPP) provides loans to employers to maintain their workforce. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Starting April 3, 2020, small businesses and sole proprietorships can apply through existing SBA lenders. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
Apply as quickly as you can because there is a funding cap. The Paycheck Protection Program will be available through June 30, 2020. For more information:
- Paycheck Protection Program on SBA's website
- Paycheck Protection Program Application for Borrowers (apply through a participating SBA lender)
- Find an eligible SBA lender for the Payment Protection Program
- Treasury Department PPP Fact Sheet
The CARES Act created the Economic Injury Disaster Loan Emergency Advance. This initiative provides an emergency advance of up to $10,000 to small businesses after they apply for an SBA Economic Injury Disaster Loan (EIDL). This loan advance does not have to be repaid. To access the advance, you first apply for an EIDL, then request the advance. Learn more about the Economic Injury Disaster Loan Emergency Advance.
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months They will also pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020. Learn more about the SBA Debt Relief program.
These loans allow small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. Learn more about the SBA Express Bridge Loans program.
For more details on the CARES Act: