PPP Deadline Extended | EIDL Application Portal Open

Having trouble viewing this email? View it as a Web page.

Arizona District Office  - 8 July 2020

u s small business administration
Paycheck protection program, PPP

There's still time to apply for the Paycheck Protection Program (PPP)

There is over $130 billion dollars of PPP funding left and the new application deadline is August 8, 2020.  Here's what you should know:

  

1. Over 5000 lenders are participating in the Paycheck Protection Program

To apply, connect with a participating PPP lender to submit an application for this forgivable loan.  A variety of lenders are participating in the program including credit unions, fintech, Community Development Financial Institutions (CDFIs) and other community lenders.  Click on the link below for the participating lenders in Arizona or use SBA's Lender Match tool.

Find a lender

 

2. You can use the new how-to guide to calculate your maximum PPP loan amount.

The PPP loan is designed to provide a direct incentive for small businesses to keep their workers on the payroll. The loan will be fully forgiven if the funds are used for payroll costs (at least 60% of the forgiven amount), interest on mortgages, rent and utilities. Check out this recently released guidance to assist you in calculating payroll costs.

Calculate PPP loan amount

 

3. Several types of organizations and individuals are eligible to apply for the PPP.

More than just small businesses are eligible for PPP funds. Tribal businesses, nonprofits, faith-based organizations, sole proprietors, independent contractors and those who are self-employed are among those who can benefit from this forgivable loan program. Eligibility has also been expanded for businesses with owners who have past felony convictions. 

Who can apply

 

4.  Forgiveness applications and instructions have been simplified.

PPP loan forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. The loan forgiveness form and instructions were recently revised to reduce compliance burdens and simplify the process for borrowers. This includes step-by-step instructions and an EZ Loan Forgiveness Application option.

Start forgiveness process

 

5. SBA Resource Partners can help you with the PPP application or loan forgiveness process.

Through webinars, virtual meetings and phone calls, business advisers from the SBA Resource Partner Network are helping small businesses navigate through the PPP process. Plus, they are working with businesses on their individual recovery plans. Connect with a SBA Resource Partner near you or one of the many other helpful resources from the Federal Resources for Small Business website.

Connect with an Adviser

 


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

SBA Still Accepting New EIDL Applications

The SBA is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and agricultural businesses.  To apply, visit https://www.sba.gov/funding-programs/disaster-assistance  

SBA’s EIDL program offers long-term, low interest assistance for a small business or non-profit.  These loans can provide vital economic support to help alleviate temporary loss of revenue.  EIDL assistance can be used to cover payroll and inventory, pay debt or fund other expenses.  Additionally, 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.

Learn More & Apply

 


Additional Resources for Small Businesses

The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Additional assistance includes:


For continued updates and information:

Visit www.sba.gov/coronavirus

 

Follow us on Twitter at @SBAgov and @SBA_Arizona

 

Subscribe to get email alerts at www.sba.gov/updates