Congress And Trump approved the bill and you should apply NOW. The bill funds $484 BILLION in emergency funds, $310 Billion for small businesses Paycheck Protection Program and $25 billion for testing and $75 billion for hospitals. Unfortunately, it does not provide any incremental funding for state and local communities which is a HUGE issue. Of the $310 Billion, $60 Billion of that will go to smaller lenders and credit unions such as rural and minority-owned businesses. There is also $10 billion for Economic Injury Disaster Loan Grants.The best thing is that these businesses loans are really grants you don’t have to pay back.
IF you are a small business, apply for one of these loans immediately because the money will run out again. NOW!
SBA Paycheck Protection Program
The Paycheck Protection Program (PPP) provides loans of up to $10 million to support small businesses and other eligible entities to pay workers, interest on mortgage obligations, rent, insurance, paid sick or medical leave, utilities, and payroll related costs incurred (this is a time frame also).
April 10-Paypal and Intuit QuickBooks announced on April 10 that they were approved by the Small Business Administration to take part in the Paycheck Protection Program.
There are several types of loans:
1. Paycheck Protection Program
Eligibility, What lenders are looking for (April 27+)
- Details
- Application
- Keybank Application –Keybank Paycheck Protection Program
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Payroll records from the past twelve months including compensation for any individuals in excess of $100,000 or individuals whose principal residence is outside the United States. Entity formation documents (e.g., articles/certificate of incorporation and bylaws; articles of organization and operating agreement; partnership agreement and filed partnership certificate; trustee certification; or trade name certificate (DBA))
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2. Economic Injury Disaster Loan Program
3. Application
4. Application Instruction Guide’
Note- April 22 – “Almost 8,000 business owners who applied for a loan from the Small Business Administration may have had their personal information exposed to other applicants, the SBA admitted on Tuesday.
The breach relates to a long-standing SBA program called Economic Injury Disaster Loans (EIDL). It has traditionally been used to aid owners whose businesses are disrupted by hurricanes, tornadoes, or other disasters. It was recently expanded by Congress in the $2.2 trillion CARES Act. In addition to loans, the law authorized grants of up to $10,000 that don’t need to be paid back.”
3. NYS Department of Labor – alternative to laying off employees by allowing workers to work a reduced work week and collect partial unemployment insurance benefits for up to 26 weeks. Learn More
