{"id":3101,"date":"2020-04-07T16:06:14","date_gmt":"2020-04-07T16:06:14","guid":{"rendered":"http:\/\/www.ushaitianchamber.org\/?p=3101"},"modified":"2020-04-07T16:08:17","modified_gmt":"2020-04-07T16:08:17","slug":"sba-programs-updates","status":"publish","type":"post","link":"https:\/\/www.ushaitianchamber.org\/?p=3101","title":{"rendered":"SBA Programs Updates"},"content":{"rendered":"
Massachusetts District Office – April 2020<\/div>\n
<\/div>\n
<\/div>\n
Don’t know where to get started?<\/div>\n
SBA’s disaster programs spelled out in just a few clicks.<\/div>\n
<\/div>\n
Start with the\u00a0Paycheck Protection Program<\/a>\u00a0and to see forms, etc; then next to Economic Injury Disaster Loans and advance; then next to Express Bridge Loans and then next to Debt Relief for existing and future SBA 7a, 504 and microloan.<\/div>\n
<\/div>\n
The following questions might help point you in the right direction.<\/div>\n
<\/div>\n
Do you need:<\/div>\n
<\/div>\n
Capital to cover the cost of retaining employees?<\/div>\n
Then the\u00a0Paycheck Protection Program<\/a>\u00a0might be right for you.<\/div>\n
<\/div>\n
A quick infusion of a smaller amount of cash to cover you right now?<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0You might want to look into an\u00a0Emergency Economic Injury Grant<\/a>.<\/div>\n
\u2022\u00a0\u00a0\u00a0If you have an existing relationship with an SBA Express lender, the\u00a0Express Bridge Loan<\/a>\u00a0might be a good fit to get up to $25K quickly.\u00a0Look for\u00a0Express Lenders<\/a><\/div>\n
<\/div>\n
To ease your fears about keeping up with payments on your current or potential SBA loan? The\u00a0Small Business Debt Relief Program<\/a>\u00a0could help.<\/div>\n
<\/div>\n
Just some quality, free counseling to help you navigate this uncertain economic time? The resource partners are available for virtual counseling sessions.<\/div>\n
<\/div>\n
Frequently Asked Questions<\/div>\n
<\/div>\n
If I am applying or already received an Economic Injury Disaster Loan, is my small business eligible to participate in the Paycheck Protection Program?<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0Borrowers can apply for BOTH an Economic Injury Disaster Loan and the Paycheck Protection Program loan.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0However, the Paycheck Protection Program loan funds and the Economic Injury Disaster Loan funds cannot be used for the same purpose.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0The Paycheck Protection Program loan must be used for payroll (minimum of 75% of the funds received) for it to be eligible for a forgivable loan and the remaining 25% is used for different purposes (mortgage interest, rent, utilities, other services).<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0Borrowers who accept both loan funds should document the uses of the funds appropriately.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0If your Economic Injury Disaster Loan was used for payroll costs, your Paycheck Protection Program loan must be used to refinance your Economic Injury Disaster Loan.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0Any advance up to $10,000 on the Economic Injury Disaster Loan will be deducted from the loan forgiveness amount of the Paycheck Protection Program loan.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0For example, a borrower may obtain a loan from the Paycheck Protection Program and use those funds to pay for 8 weeks of payroll or employee retention. They may wish to then dedicate their entire EIDL funds towards working capital, notes payable and accounts payable that do not duplicate the funds provided through the Paycheck Protection Program. If the EIDL loan was used for payroll expenses, the borrower must refinance the EIDL loan with the PPP loan which carries a lower interest rate as well as a shorter maturity period.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0If you are applying for both, you can accept PPP first \u2013 then decide whether or not to close on your EIDL approved loan.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0The application period for PPP loans runs through June 30, 2020, but the EIDL application period runs through December 2020.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0EIDL Loan advances will start to be distributed this week.\u00a0$1000 per employee up to $10,000 max<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0EIDL Loans – IF YOU DID NOT APPLY THROUGH THE STREAMLINED PROCESS WHICH STARTED LAST WEEK, SBA request that you visit\u00a0https:\/\/covid19relief.sba.gov\/#\/<\/a>\u00a0and reapply with the secure streamlined process. You will not lose your place in queue with your original EIDL loan application.<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0EIDL loans will not require a personal guarantee for loans under $200,000<\/div>\n
<\/div>\n
\u2022\u00a0\u00a0\u00a0EIDL loans will not require real estate collateral for loans under $500,000. SBA will be looking be best available lien priority on all business assets or other business assets.<\/div>\n
<\/div>\n
More on Paycheck Protection Program<\/a><\/div>\n
<\/div>\n
PPP Bank Locator<\/a><\/div>\n
<\/div>\n
Please direct all inquiries and questions to our District Office email at:<\/div>\n
MassachusettsDO@sba.gov<\/a><\/div>\n
___________________________________________________________________________________________________________________________<\/div>\n
<\/div>\n
SBA Massachusetts District Office<\/div>\n
10 Causeway Street, RM265<\/div>\n
Boston, MA, 02222<\/div>\n
Phone: (617) 565-5590<\/div>\n
www.sba.gov\/ma<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Massachusetts District Office – April 2020 Don’t know where to get started? SBA’s disaster programs spelled out in just a few clicks. Start with the\u00a0Paycheck Protection Program\u00a0and to see forms, etc; then next to Economic Injury Disaster Loans and advance; then next to Express Bridge Loans and then next to Debt Relief for existing and<\/p>\n","protected":false},"author":1,"featured_media":3102,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"categories":[39,2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/posts\/3101"}],"collection":[{"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3101"}],"version-history":[{"count":2,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/posts\/3101\/revisions"}],"predecessor-version":[{"id":3104,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/posts\/3101\/revisions\/3104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=\/wp\/v2\/media\/3102"}],"wp:attachment":[{"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ushaitianchamber.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}