Big Changes to PPP | EIDL Re-Opens

SBA Kentucky District Office News - June 17, 2020

u s small business administration
SBA Paycheck Protection Program

  PPP Flexibility Act Signed into Law

Changes to the PPP that went into effect last week include:

  • Lowering payroll expenses from 75% to 60% on PPP proceeds
  • Extending the rehiring period to 24 weeks or Dec. 31, 2020
  • Increasing the payment term to 5 years on new PPP loans

More details about the Paycheck Protection Program Flexibility Act here.

PPP Funds Still Available. Apply Now.

Forgivable loans to small businesses that keep employees on the payroll. Use the funds for payroll, rent, mortgage interest or utilities. Learn more


PPP Loan Helps Retool Bailey Safety, Inc.

Bailey Safety, Inc. offers OSHA training and Safety Program Evaluations and Compliance Analysis. Revenue grew steadily until the COVID-19 pandemic hit.

Owner Nancy Bailey obtained an SBA PPP loan. “The PPP was a lifeline. I was approved and the funds were in my account quickly.” Read her story here

Nancy Bailey, owner of Bailey Safety, Inc.

EIDL Re-Opens to Eligible Businesses

SBA Economic Injury Disaster Loan (EIDL)

The online portal is now open to eligible small and agricultural businesses and non-profit organizations for the SBA Economic Injury Disaster Loan (EIDL) and the EIDL Advance.    Learn more

SBA is continuing to process applications on a first-come, first-served basis. 

   Disaster Assistance Customer Service Center for EIDL / EIDL Advance

1-800-659-2955 (TTY: 1-800-877-8339) or disastercustomerservice@sba.gov


Online Tools to Help You

Tools to Help You Reopen 


Get the latest information on SBA loans, small business resources and events.

https://twitter.com/sba_kentucky       

SBA Twitter logo

SBA Computer Graphic

Webinars on COVID-19 & Reopening

Details here under Small Business Events.

More events listed here, at this link or SBA Learning Center.