PPP updates: fishing boat owners, revised eligibility

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Pacific Northwest Region - June 26, 2020

u s small business administration
Fishing boat Alaska


Paycheck Protection Program (PPP) Updates Pacific Northwest Businesses Should Know


Payroll Costs Calculation of Fishing Boat Owners

Fishing boat owners may include payroll costs that are attributable to crewmembers in their PPP loan applications. Read more in this updated guidance just released.  

 

Eligibility revision regarding criminal liability

Additional guidance on the expansion of eligibility for businesses with owners who have past felony convictions has been released. Read details in this notice.

 

Final days to apply for PPP loan 

June 30 is the last day the SBA can approve PPP loans. That means small businesses, nonprofits, independent contractors and other eligible borrowers need to submit their applications and necessary paperwork to lenders before June 30 so lenders have time to obtain approval from SBA.

Apply today

 

Economic Injury Disaster Loan and Economic Injury Disaster Loan advance, EIDL, Coronavirus


SBA Accepting Applications for Economic Injury Disaster Loan (EIDL) and EIDL Advance Programs 


To further meet the needs of small businesses and nonprofits, the SBA reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal last week to all eligible applicants experiencing economic impacts due to COVID-19.

The SBA EIDL program offers long-term, low-interest assistance for a small business or nonprofit. These loans can provide vital economic support to help alleviate temporary loss of revenue.

About the COVID-19 EIDL:

  • May be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan.
  • The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
  • The EIDL Advance will provide up to $10,000 ($1,000 per employee) of emergency economic relief to businesses that are currently experiencing temporary difficulties, and these emergency grants do not have to be repaid.
  • To keep payments affordable for small businesses, the SBA offers loans with long repayment terms, up to a maximum of 30 years.
  • The first payment is deferred for one year.

 

Apply now

 

 

For more information about PPP and other funding options for small businesses visit:

SBA.gov/CoronavirusRelief

 

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