PPP Legislation EIDL Second Chance

Among the items in the proposed legislation:

·    Extend the PPP covered period from 8 weeks to 24 weeks.

·    Reduce the required ratio of 75% payroll / 25% utilities ratio to 60% / 40%.

·    Extend the June 30 deadline for (re)hiring workers.

·    Allow payroll tax deferment for PPP recipients.

The bill enjoyed bipartisan support, and passed 471 to 1. It now moves on to the Senate, which returns from its week-long Memorial Day break on Monday. The Senate’s version of bill maintains the 75/25 ratio, and only includes a 16-week covered period.

^^ This is why the Alabama SBDC delayed the Forgiveness Application walk-through webinar. Most small business owners only want to learn how to do this once.

As of May 23rd, over $150 billion was available for PPP loans. If you – or a business you know – has not yet applied, act quickly.

·    PPP Lenders Accepting New Customers

·    SBA’s List of Eligible Lenders

SBA has sent the following email in response to recent EIDL inquiries:

Thank you for contacting the U.S. Small Business Administration Customer Service Center regarding assistance related to the Coronavirus (COVID-19) Pandemic.

As of May 4, 2020, new applications are only being accepted from agricultural businesses while we continue to work through the unprecedented number of applications SBA has already received for the Economic Injury Disaster Loan (EIDL) COVID-19 program.

Note: Businesses that applied for an EIDL before March 29, 2020 and have not yet re-applied, as required, under the new streamlined application, are also able to apply.  

The EIDL/Advance application website may re-open in the future for non-agriculture business based on available appropriations.

# # #

If you were one of the early applicants under version 1 (which crashed) or version 2 (the Box upload), and have not reapplied, please consider doing so today!

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.

The Alabama SBDC cannot check on your application status for you, cannot help you find lost emails, and does not know your application number.

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.

·    PPP & EIDL Overview / How to Apply

·    EIDL: Approved or Denied? Next Steps

·    PPP Forgiveness Application: Preliminary Overview