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State and Federal Agencies:
March 15th 2021 update:
New resources on the SBA website now up:
Frequently Asked Questions: PPP-FAQs-3.12.21.pdf (sba.gov)
How to Calculate First Draw Loans: How to Calculate First Draw PPP Loan Amounts (sba.gov)
How to Calculate Second Draw Loans: HowtoCalculateSecondDrawFAQs-3.12.21.pdf (sba.gov)
February 25th 2021 update:
The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.
The SBA will:
- Immediately implement (starting tomorrow, Wednesday, February 24) a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury’s Do Not Pay database, and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
Read the Press Release to learn more.
February 22nd 2021 update:
- Shuttered Venue Operator Grant. The grant application is not available yet, but businesses can sign up for email updates for this grant’s latest information.
- SBA Covid Relief Options: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options, including information on the following topics:
- Paycheck Protection Program
- COVID-19 EIDL – A loan that provides economic relief to small businesses and non-profit organizations that are experiencing temporary loss of revenue
- SVO Grant Program – The Shuttered Venue Operators Grant
- SBA Express Bridge Loan
- SBA Debt Relief
- Cross Program Eligibility – A summary of criteria that must be met when considering funding options
January 28th 2021 update:
The following are strong resources of updates from the SBA, specifically regarding the second wave of PPP:
- SBA Website: Shuttered Venue Operators Grant
- SBA Website: Information on the Second Draw for PPP Loans and Qualifications
- SBA Website: Information/Qualification PPP Loan Forgiveness for the First and Second Draw
- SBA Website Article: SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday
December 12th 2020 update:
The U.S. Small Business Administration released a new simpler loan forgiveness application for the Paycheck Protection Program (PPP) loans of $50,000 or less. The new application removes calculations required on prior forms and simplifies documentation requirements.
Contact your loan provider to see if they are accepting forgiveness applications using the simpler application.
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
Summer 2020 Update:
- The recently passed CARES Act contains a lot of information relevant to small business owners and entrepreneurs. Please consult this handy guide from the US Senate Committee on Small Business and Entrepreneurship answering all questions pertaining to the bill, including how/when you can expect help.
- Through the SBA, the Federal Government provides low-interest disaster loans to help businesses and homeowners recover from declared disasters (including COVID-19). For information to see if you qualify and how to apply, please visit the SBA’s website or call (800) 659-2955.
- The State of Florida, through the Department of Economic Opportunity and the Division of Emergency Management, has established FloridaDisaster.biz to coordinate state and federal actions to provide immediate and short-term assistance to businesses. If your business has or is being been affected by COVID-19, we are encouraging all business owners to fill out the Florida Business Damage Assessment Survey, as this is the main tool to inform and communicate where governmental resources will be allocated should and when they become available. This also serves as a way for the corresponding agencies to reach out when and if resources become available in your area.
- Note the IRS has remarked to be aware of scams in relation to stimulus checks and tax proceedings. Please see updated information on their website, and stay safe!