COVID-19 Relief Programs: PPP Loan Update
By Whitney Harper
Late yesterday, the SBA released new “interim final” regulations regarding the Paycheck Protection Program (“PPP”) forgivable loans. They have also provided an updated PPP Loan application. Although these rules are not yet final and remain subject to change, we have updated our fact sheet to reflect the most current information. (Updates are in green so you can easily identify them.)
Access the updated fact sheet here.
Immediate Action Items:
- Be in communication with your banker if you are interested in the PPP loan. Although PPP Loan applications may “go live” today, we are hearing that many banks are not yet ready to accept them, and will hold off until Monday. Each bank is handling the process slightly differently, so communication is key. Reminder: There is extremely high demand for this program, and it is possible that it will be over-subscribed. The new regulations confirm that the PPP Loans are “first-come, first-served,” so you’ll want to act quickly.
- Apply online for the $10k EIDL Grant. The EIDL Grant (also referred to as an “advance”) application is surprisingly quick and easy, and we are hearing that the Grant funds are being deposited very quickly (some faster than the 3-day window). This Grant is available even if you do not ultimately enter into the EIDL loan, and does not have to be repaid. Click here to apply.
As always, you are welcome to call your ADVOS lawyer with any questions you have about these programs or about other aspects of the FFCRA and CARES Act. We’re in this together and are on-call for you.
We’ll keep you posted as new information is released.
In your corner,
Whitney (+ the ADVOS team)