Next PPP Webinar June 22
Alabama Small Business Development Center Network
Updated PPP Forgiveness Application
This is what we’ve been waiting for! On June 16th, the SBA released the revised PPP Loan Forgiveness Application, along with a new Form EZ version which streamlines the process for some borrowers. These forms, along with their revised instructions, now account for changes made by the PPP Flexibility Act enacted on June 5th. As a reminder, the PPP Flexibility Act:
· extended the 8-week forgiveness period to 24 weeks;
· reduced the minimum required use of funds for payroll costs from 75% of the loan proceeds to 60%;
· extended the safe harbor period to December 31st instead of June 30th;
· extended the payment deferral to 10 months after the last day of the forgiveness period; and
· extended the loan repayment term to 5 years, rather than 2 years.
These updates and new calculations are now reflected in the applications for forgiveness.
As of June 12th, over $146 billion was available for PPP loans. If you – or a business you know – has not yet applied, act quickly; the program closes on June 30th.
· PPP Lenders Accepting New Customers
· SBA’s List of Eligible Lenders
NEW Webinar Alert! Monday, June 22, 11:00 AM
The Alabama SBDC is funded in part through a cooperative agreement with the US Small Business Administration. Hosted by the University of Alabama – Office for Research & Economic Development.Accredited by the Association of SBDC’s.
Our next webinar will walk you through the PPP Forgiveness Application. We’ll cover the documents you’ll need to apply for forgiveness, who is eligible to use the streamlined Form EZ, and completing the application step-by-step.
1,000 seats available; webinar will be recorded.
Click here to register for the Monday 6/22 webinar.
Another webinar is planned for Wednesday, June 24, at 11AM, and will cover the long-form application. Details & a registration link for that webinar are coming soon.
SBA Disaster Loan Portal Accepting Applications Again
On Monday, June 15th, the SBA reopened the EIDL and EIDL Advance program portal to all eligible applicants (previously open only to agricultural businesses). SBA resumed processing EIDL applications that were submitted before the portal stopped accepting new applications on April 15th and will be processing those applications on a first-come, first-served basis. If you missed the window to apply prior to April 15th, you may now submit your application through the portal. The “up to $10k” advance is still available; loans are capped at $150,000.
https://covid19relief.sba.gov//#//
If you already have an EIDL application that starts with a “3” you do not need to reapply. To check on the status, you can email disastercustomerservice@sba.gov with your application number, or call 1-800-659-2955, and ask to speak with a Tier 2 supervisor.
If you have been denied, or if the approved amount is below what you need, there is an appeal process. View our On-Demand webinar for the details.
Alabama SBDC Network | ASBDC.org