Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued a statement on April 24 that the Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 7:30 a.m. Pacific. The additional $310B that is being made available in PPP is expected to run out swiftly again, so businesses are urged to apply promptly.

For more information on the Paycheck Protection Program, visit: sba.gov/paycheckprotection.

SBA Administrator Jovita Carranza issued this joint statement with Treasury Secretary Steven Mnuchin to urge Congress to appropriate additional funds for the Paycheck Protection Program.

As of approximately 10 a.m. ET on April 16, the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. This info is on the Disaster Loans Applications page of the SBA website.

It’s important to note that through work with its partners, the SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to sustain businesses and their employees.

For now, we’re connecting local businesses to the following resources:

  • Funding: SBA 7(a), 504 and microloans, on which we are offering Debt Relief; or, SBA Express Bridge Loans.
  • Advising: The SBA Resource Partner Network for business resiliency readiness advising and training.
  • Tax Relief: IRS information about tax relief for businesses
  • Local Partner Resources: State or local government funding programs, grants, training, or other available resources.

We continue to closely track the economic impacts of the novel coronavirus, and know that for many of you, immediate relief is essential. For an economic shock of this scale, the federal government is best able to provide resources at a scale to match.

Our consultant, Monument Advocacy, put together a helpful overview and FAQ on April 1 about how the latest stimulus package passed by Congress expands small business grants and loans available. These include two major programs for small businesses: Economic Injury Disaster Loans, which include access to an emergency advance and to bridge loans, and the Paycheck Protection Program.

The SBA announced additional guidance on these programs on April 2 and has an overview of all of its coronavirus relief options here. The SBA site is your best resource for up-to-date information about the following:

Here is a snapshot of what we know so far about the two major programs for small businesses:

  1. Economic Injury and Disaster Loans (EIDLs). As Monument notes, the CARES Act temporarily expands eligibility for SBA Economic Injury Disaster Loans (EIDLs).
  2. What they are: An emergency loan program for federal disasters, including COVID-19. This program offers up to $2 million in assistance for fixed debts, payroll, and other account expenses with an interest rate of 3.75 percent for small businesses and 2.75 percent for nonprofits.
  3. What’s new: The CARES Act opened EIDLs to more types of small businesses, made it easier to apply, and ensured that EIDLs smaller than $200,000 can be approved without a personal guarantee.
  4. Additional feature: Through the SBA Economic Injury Emergency Grant Program, businesses can receive an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA EIDL.
  5. How to access the advance: Companies must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance and may be used to keep employees on payroll, pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.
  6. Who is eligible: Small businesses with fewer than 500 employees (including sole proprietors with or without employees), independent contractors, cooperatives and employee-owned businesses, private non-profits and tribal small businesses impacted by COVID-19.
  7. How to apply: Use the SBA’s application portal here.
  8. The Paycheck Protection Program. Key parts of the program, via initial guidelines from the U.S. Treasury:
  9. What it is: A new program that provides small businesses with funds in the form of loans to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
  10. When to apply: Starting April 3, 2020, small businesses and sole proprietorships can apply. Starting April 10, 2020, independent contractors and self-employed individuals can apply.
  11. How to apply: You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. The application form is available here.
  12. Who is eligible: Small businesses with 500 or fewer employees, including 501 (c)(3) nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors are eligible. Businesses with more than 500 employees are eligible in certain industries. For more information about eligibility, please see section 1 in this guide from the U.S. Chamber of Commerce.Businesses will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
  13. Conditions of loans: The Paycheck Protection Program can offer loans up to $10 million and with 100 percent loan forgiveness if a business sustains its pre-COVID-19 payroll levels through June 30, 2020. Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
  14. Other things to know: