On April 27, the Small Business Administration resumed accepting applications for Paycheck Protection Program (PPP) loans. The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. More details about the PPP loan program and forms of assistance including grants are available are available on the Financial Assistance & Resources for Businesses web page.
As for Economic Injury Disaster Loans (EIDL) and EIDL loan advances, SBA is unable to accept new applications at this time as federal funding is not available. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. More information is available from the SBA’s website. You can also contact your lender.