Pandemic Resource Update 4-28-20

Pandemic Relief
Written By Alison Dodge

Dear clients

Updates below. Scroll through to the content most applicable to you….

PPP

Not a lot to share here, except that eligible lenders were able to start submitting applications to the SBA as of 9:30am yesterday. There have been significant technological glitches that lenders experienced while trying to submit their applications through the SBA’s portal. We do not know how many total applications have been received thus far or the amount of the $321 billion that has already been allocated. However, it is still projected that these funds will go fast (within days). Please know that our lending team is working AROUND THE CLOCK to get these applications submitted to SBA’s Etran system.

Additionally, this is an informative article related to PPP loan forgiveness: https://www.gklaw.com/NewsUpdatesPressReleases/More-PPP-funding-approved-some-forgiveness-questions-answered.htm?utm_source=vuture&utm_medium=email&utm_campaign=coronavirus%2004.26.2020

EIDL Loans and EIDL Advances

  • We are continuing to hear from more businesses who are receiving the EIDL Advances deposited into their bank accounts (with no other correspondence), but a very limited amount who have received any information on the loan portion of the EIDL.

  • As was previously shared, the new federal bill that was passed last week allocated new funds to EIDL. When the SBA reported that they had run out of funds for this program, the ability to apply was removed from the SBA’s website. At this time, it is unclear when (or if) the SBA will start accepting new applications, however it is recommended that if you missed applying originally to continually check the website. Note: If you have already submitted an application since March 30, you do NOT need to re-apply.

  • The following article details how to check on the status of the EIDL loan/advance – including the online option, phone, and email: https://www.merchantmaverick.com/economic-injury-disaster-loan-application-status/

    • Online Through The SBA Website: If you submitted your application online, you can check the status of your loan through the SBA website. This is the quickest and easiest way to verify the status of your EIDL. Please note that if you applied through the expedited COVID-19 portal, you will be unable to check your status online. Simply log into the SBA Economic Injury Disaster Loan Portal using the email address or username and password with which you registered when completing your online application. Once you’ve logged in, you’ll be able to check the status of your loan.

  • Last piece from the SBA’s website: “With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.”

WEDC 20/20 Small Business Program Grants

If you were awarded WEDC grant funding,  you should have received both installments by now. If you haven’t, please let me know.

Grant opportunities

Please do your own due diligence in reviewing these programs. All are very specific to certain demographics/industries, thus not all (if any) will be applicable….

Red Backpack Fund: https://www.globalgiving.org/redbackpackfund/

Source & additional grant funds: https://www.fastcompany.com/90491863/covid-19-has-been-harder-on-women-business-owners-these-11-resources-can-help?mc_cid=52a4a7daae&mc_eid=01ac6c4034

Local businesses offering food pick-up/delivery:

Below is a list of some of the restaurant/food businesses that are currently offering food for take-out/pick-up or delivery. If you’re ordering food, please consider one of these great businesses:

Alison Dodge
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Pandemic Resource Update 5-6-20
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Pandemic Resource Update 4-16-20