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On Wednesday, June 17th, the Small Business Administration (SBA) sent an update to the PPP loan program, which included a new “EZ Forgiveness Application” and related instructions for qualified PPP loan borrowers. Click on the links below to see if you qualify.
EZ Forgiveness Application Instructions:
EZ Forgiveness Application:
The SBA also released an updated Full Forgiveness Application form and related instructions. Please click on the application link and instructions.
Full Forgiveness Application Instructions:
Full Forgiveness Application:
The SBA still has not provided additional guidance for submitting applications for loan forgiveness. We will communicate this information once it is released.
Currently, we are not accepting applications for loan forgiveness processing.
The PPP Flexibility Act was recently signed into law. This Act provides several enhancements to the PPP loan program, including:
We anticipate additional changes to the PPP program in the coming days and weeks, and we will communicate these as they come out.
For the forgiveness part of the PPP loan, we are working to finalize our process for submission and tracking of loan forgiveness. We anticipate we will have a final process soon to implement the changes listed above due to the SBA modifying the application for forgiveness. In the meantime, continue to track expenses and save supporting documentation in anticipation of submitting the info for forgiveness.
Please read the SBA’s June 8th News Release for the PPP Flexibility Act.
Here’s a list of documents you’ll need to provide to complete this application:
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.
Loan Terms & Conditions
Due to extremely high demand, we are currently processing existing requests and will notify via our website our next availability to accept additional loan applications.
In line with the state’s continued response to COVID-19, the Minnesota Department of Revenue is granting a 30-day Sales and Use Tax grace period for businesses identified in Executive Order 20-04. During this time, the department will not assess penalties or interest.
Identified businesses with a monthly Sales and Use Tax payment due March 20, 2020, have until April 20 to make that payment. These businesses should still file their return by March 20. At this time, this grace period for penalty and interest is only for monthly filers and only for the March 20 payment. Businesses can request additional relief from penalty and interest for reasonable cause after April 20.
The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program:
Express Bridge Loan Pilot Program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for decision and disbursement on Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
SBA is here to assist small businesses with accessing federal resources and navigating their own preparedness plans as described by the CDC’s Guidance for Businesses and Employers.
SBA works with a number of local partners to counsel, mentor and train small businesses. The SBA has 68 District Offices, as well as support provided by its Resource Partners, such as SCORE offices, Women’s Business Centers, Small Business Development Centers and Veterans Business Outreach Centers. When faced with a business need, use the SBA’s Local Assistance Directoryto locate the office nearest you.
SBA provides a number of loan resources for small businesses to utilize when operating their business. To find more information on loans or how to connect with a lender, visit: https://www.sba.gov/funding-programs/loans.
The SBA is currently estimating that once they receive the full application, turnaround time for approval will be 21 days (this could increase with significant application volume).
Once loan approval has been granted, the SBA’s legal department will prepare loan documents and send them to the borrower. The borrower will sign/date and mail them back to the SBA, once they have been processed the SBA will wire loan proceeds directly into the borrowing entity’s checking account.
Application and funding for SBA EIDL loans will not go through the bank (as 504 and/or 7a loans do). The
application and funding will be done directly with the SBA.
SBA is not a collateral based lender, but is a cash flow lender. The SBA is looking for a clearly defined source of repayment versus having a loan that is fully secured. The SBA will not decline a loan application solely based on a shortfall of collateral.
The Treasury Department and the IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals – regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. More info is available on the US Department of the Treasury website.
What is not extended:
This deferment applies to all taxpayers, including individuals, trusts and estates, corporations, and other non-corporate tax filers as well as those who pay self-employment tax.
What is not extended:
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