Paycheck Protection Program (PPP) & Economic Injury Disaster Loan Advance (EIDL)
April 03, 2020
Paycheck Protection Program (PPP) & Economic Injury Disaster Loan Advance (EIDL)
As you’re probably aware, the government has recently taken steps to help businesses financially impacted by the COVID-19 outbreak. The Van Den Heuvel Law Office has reached out to our local SBA representative to learn more about these programs, and we want to share some of the highlights. Please note that the Van Den Heuvel Law Office is not affiliated with these programs in any way. We simply feel these resources are important for businesses that have been affected, and we want to be sure you’re aware of them and to know that we are here to assist with questions that may arise.
Economic Injury Disaster Loan (EIDL) Advance
An Economic Injury Disaster Loan assistance declaration issued by the SBA makes low-interest loans available to small businesses and private nonprofit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
Small business owners are also eligible to apply for an EIDL advance of up to $10,000 which will not have to be repaid. Funds will be made available within three days of a successful application. Apply for the Loan Advance here.
Paycheck Protection Program (PPP)
This SBA loan program, featuring delayed payments and full forgiveness after eight weeks, could provide assistance with payroll, rent and other costs. The SBA will begin accepting applications on Friday, April 3, 2020, and demand is expected to be high.
Click here to access the PPP Application NOW, allowing you to gather the required information and submit your application promptly.
PPP Program Summary
The PPP is meant to be a direct incentive for keeping workers on the payroll. In addition to payroll, the money may be used for rent, mortgage interest, or utilities.
- The loan will be fully forgiven as long as:
- the funds are used to cover qualifying expenses, and
- the employer maintains or quickly rehires their current workforce and maintains current salaries.
- Payments are deferred for six months.
- Neither the government nor lenders will charge small businesses any fees.
- No collateral or personal guarantees are required.
- Any small business or private non-profit organization with less than 500 employees can apply.
How Can I Apply?
You can apply through any existing SBA 7(a) lender, any participating federally insured depository institution, federally insured credit union, or Farm Credit System. Additional lenders are being added, so check with your local lender to see if they are participating.
Other Resources
- The Small Business Owner’s Guide to the CARES Act
- Learn about Small Business Provisions in the CARES Act
- Read the Keeping American Workers Paid and Employed Act
- Enhanced Debt Relief is available in SBA’s other business loan programs.
- Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.
- For information on additional Lending options, please click here.
- To find local SBA resources near you, please click here.
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