PPP and EIDL Funds Still Available
The SBA’s PPP loan window is closing fast. The deadline to apply is June 30. Recent revisions to the program have relaxed the terms and forgiveness rules. If you haven’t applied yet, we urge you to do so as soon as possible.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
For more information about the PPP loan program and other coronavirus relief options, visit the SBA website
EIDL Loans and Advances
The SBA is accepting new applications for Economic Injury Disaster Loans and Advances again. The advance on the loan is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. Recipients do not have to be approved for a loan in order to receive the advance, but the amount of the loan advance will be deducted from total loan eligibility.
You can apply for an EIDL loan advance on the SBA website.