You Can Start Applying For Loans Again
Additional funding for coronavirus‑related small‑business relief programs has been approved. The president’s signature clears the way for lending to resume as early as yesterday under two Small Business Administration programs, the Paycheck Protection Program and the Economic Injury Disaster Loan Program. The measures were approved by the Senate Tuesday and the House on Thursday.
Under the agreement, the PPP will receive $310 billion in new cash, while the EIDL fund will receive an additional $60 billion ($50 billion for loans and an additional $10 billion in advance grants). The bill sets aside $60 billion of the PPP funding for small and medium#8209;sized community banks, which will provide extra help for self‑employed individuals and small businesses that don’t have relationships with larger banks.
“The PPP and EIDL had tremendous demand through the original round. Although the rollout was rocky, this replenishing bill should provide enough funds for everyone who needs a loan to get it. Those still waiting should contact their lender again and keep trying.
If you’ve already applied for an EIDL: The SBA is processing applications already in its system on a first‑come, first‑served basis. You do not need to re‑apply.
If you have not already applied for an EIDL: Check back at the SBA application page to begin the process as the SBA restores availability.
If you’ve already applied for a PPP loan through an SBA lender but have not been approved yet: Check with your lender to see if it is maintaining a queue of applications during the lapse or if you will need to reapply when the renewed funding comes through.
If you have not applied yet for a PPP loan through an SBA lender: Have the application form filled out and your documentation ready to provide to your lender. (For businesses with employees, have payroll documentation; for independent contractors, have your 2019 Form 1040, Schedule C, and 1099-MISC.) If you have an existing relationship with an SBA lender, you should go to that lender first once the program reopens, but be prepared to try multiple lenders, which you can find on the SBA site.
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