PPP Loan Forgiveness Information and Other Options for Your Small Business

North Florida District Office  - August 5, 2020

u s small business administration

Paycheck Protection Program

Have you received a PPP loan? Do you need guidance on forgiveness criteria or have other questions?

The SBA, in consultation with the Department of the Treasury, is providing guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans. 

Learn More. 



SBA EIDL for Businesses

COVID-19, coronavirus, CDC

SBA’s Economic Injury Disaster Loans Available for Eligible Small Businesses and Non-Profits Impacted by COVID-19 Pandemic.

SBA’s COVID-19 Economic Injury Disaster Loan (EIDL) 

  • The SBA is offering low interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
  • These loans may be used to pay debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.The interest rate is 3.75% for small businesses.  The interest rate for non-profits is 2.75%.
  • To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. Plus, the first payment is deferred for one year.

For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.


SBA Debt Relief Options

The SBA will pay 6 months of principal, interest, and any associated fees that borrowers owe for all current 7(a), 504, and Microloans in regular servicing status as well as new 7(a), 504, and Microloans disbursed prior to September 27, 2020. This relief is not available for Paycheck Protection Program loans or Economic Injury Disaster loans. Borrowers do not need to apply for this assistance. It will be automatically provided as follows:

  • For loans not on deferment, SBA will begin making payments with the next payment due on the loan and will make six monthly payments.
  • For loans currently on deferment, SBA will begin making payments with the next payment due after the deferment period has ended, and will make six monthly payments.
  • For loans made after March 27, 2020 and fully disbursed prior to September 27, 2020, SBA will begin making payments with the first payment due on the loan and will make six monthly payments.

Borrowers should contact their lender if they have any questions regarding this payment relief.

Additional Debt Relief for Disaster Loans

For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.

If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information:

  • Birmingham Disaster Loan Servicing Center:
    • Phone: 800-736-6048
    • Email: BirminghamDLSC@sba.gov
  • El Paso Disaster Loan Servicing Center:
    • Phone: 800-487-6019
    • Email: ElPasoDLSC@sba.gov

 


SBA Events and Initiatives

Save the Date: SBA Military Spouse Entrepreneur Summit is on August 19th!

#MilSpouses: Attend the virtual Military Spouse Entrepreneur Summit, hosted by @SBAgov & @HiringOurHeroes, on Aug. 19 to learn about access to capital, government contracting, & disaster preparedness resources to help your small business thrive. REGISTER: https://events.hiringourheroes.org/d/37ql80 #SBAMilSpouseSummit

SBA Local NFDO Events

Boots to Business (B2B) is an entrepreneurial education and training program offered by the U.S. Small Business Administration (SBA) as part of the DOD’s Transition Assistance Program (TAP). The course provides an overview of entrepreneurship and applicable business ownership fundamentals. Active Duty Service members (including National Guard and Reserve), Veterans of all eras, and spouses are eligible to participate. During B2B, participants are introduced to the skills, knowledge, and resources they need to launch a business, including steps for developing business concepts, how to develop a business plan, and information on SBA resources available to help.


Resource Partner Events (August 2020)

Learn QuickBooks® 2020 (Webinar)

SCORE Business Mentor

Wednesday, August 5, 2020 - 8:30am EDT

Registration Required

 

Successfully Marketing Your Business (Webinar)

SCORE Business Mentor

Wednesday, August 5, 2020 - 7:00pm EDT

 

Learn QuickBooks® 2020 (Webinar)

SCORE Business Mentor

Wednesday, August 12, 2020 - 8:30am EDT

Registration Required

 

Everyone Needs an Elevator Pitch (Webinar)

SCORE Business Mentor

Wednesday, August 12, 2020 - 7:00pm EDT

Registration Required

 

Pivot Your Business to Success (Webinar)

SCORE Business Mentor

Tuesday, August 18, 2020 - 7:00pm EDT

Registration Required

 

Learn QuickBooks® 2020 (Webinar)

SCORE Business Mentor

Wednesday, August 19, 2020 - 8:30am EDT

Registration Required

 

Cash Flow: Finding Cash in Your Business

Small Business Development Center

Wednesday, August 19, 2020 - 9:00am EDT

Lake Sumter State College - North Lake Campus

9909 US Highway 441

Leesburg, FL 34788

Registration Required

 

Market Research: Know Your Market, Industry, and Options for Growth

Small Business Development Center

Thursday, August 20, 2020 - 6:00pm EDT

Lake Sumter State College - South Lake Campus

1250 North Hancock Road

Clermont, FL 34711

Registration Required

 

Managing Finances for a New Business (Webinar)

SCORE Business Mentor

Tuesday, August 25, 2020 - 7:00pm EDT

Registration Required

 

Learn QuickBooks® 2020 (Webinar)

SCORE Business Mentor

Wednesday, August 26, 2020 - 8:30am EDT

Registration Required

 

Managing Finances for a New Business (Webinar)

SCORE Business Mentor

Wednesday, August 26, 2020 - 7:00pm EDT

Registration Required

 

Business Plan Writing Made Easier

Small Business Development Center

Thursday, August 27, 2020 - 11:30am EDT

Lake Sumter State College - North Lake Campus

9909 US Highway 441

Leesburg, FL 34788

Registration Required