PPP Re-opening Announcement
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today (1/8/21) that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.
Economic Injury Disaster Loan Program
SBA is currently accepting new Economic Injury Disaster Loan (EIDL) applications from all qualified small businesses, including agricultural businesses, and private nonprofit organizations.
If you have already applied via the streamlined application portal, please do not resubmit your application.
There is no indication of how long the portal will remain open, so it’s important that interested eligible businesses apply as soon as possible. More information can be found at the link below.
Previous EIDL & Advances Status If you submitted an application, received correspondence from SBA, and have a loan number that begins with a “3”, you are in the queue and your patience is appreciated. If you would like to further inquire about the process and understand what to expect next you should contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955.
What to do if my EIDL was declined?
Additionally, if your COVID-19 Economic Injury Disaster Loan was declined, you can request reconsideration within six months of the date of the decline letter. Include your application number and information required to overcome the reason for decline. You can send this information via email to email@example.com or mail to the U.S. Small Business Administration Disaster Assistance Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155
SBA closes EIDL Advance program after granting $20 billion
A program to provide grants to small businesses awaiting a decision on their Economic Injury Disaster Loan (EIDL) applications closed after exhausting $20 billion in emergency funding provided to it by Congress, the U.S. Small Business Administration (SBA) announced Saturday.
The EIDL Advance program provided businesses with $1,000 per employee up to a maximum of $10,000. Recipients did not have to be approved for a loan to receive Advance program funds. The funds went to nearly 6 million small businesses, including not-for-profit organizations, sole proprietors, and independent contractors, among others, the SBA said in a news release.