Covid-19 Coronavirus Updates and Resource Information from Doral Chamber of Commerce

Home / Covid-19 Coronavirus Updates and Resource Information from Doral Chamber of Commerce

SBA Paycheck Protection Program PPP latest Application Form. 04/03/2020

SBA Paycheck Protection Program PPP Application Doral Chamber of CommerceSBA Paycheck Protection Program PPP latest Application Form. The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

Where can I apply? You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Download the Application Form for Paycheck Protection Program PPP.

The U.S. Small Business Administration’s Economic Injury Disaster Loans (EIDL) Information from Doral Chamber of Commerce.

Updated 04/09/2020 – Small Business Administration SBA Economic Injury Disaster Loan Emergency Advance (EIDL) – Update
$10,000 EMERGENCY GRANT

This loan advance will provide up to $10,000 of economic relief to businesses that are currently experiencing temporary difficulties.

Overview

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

Eligibility

The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.

This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by COVID-19.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and the Economic Injury Disaster Loan Program

To apply for a COVID-19 Economic Injury Disaster Loan and loan advance, click here.

Overview of SBA Economic Injury Disaster Loan Emergency Advance (EIDL)

The Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily expands eligibility for SBA economic injury disaster loans (EIDL) and provides an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within days of applying for an SBA Economic Injury Disaster Loan (EIDL).  To access the advance, you first apply for an EIDL and then request the advance.  The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent, and mortgage payments.

Eligibility

In addition to the entities that are already eligible for SBA disaster loans (small businesses, private non-profits, and small agriculture cooperatives), eligibility is temporarily expanded to include:

  • Business entities with 500 or fewer employees:
  • Sole propriertorships, with or without employees
  • Independent contractors
  • Cooperatives and employee owned businesses
  • Tribal small businesses
  • Private non-profits of any size.

Additionally, you must have been in business as of January 31, 2020.  Expanded eligibility criteria and the emergency grants are only available between January 31, 2020 and December 31, 2020.

How to Apply for SBA Economic Injury Disaster Loan Emergency Advance (EIDL)

  • You can apply for an EIDL online with the SBA.
  • When you apply, you can request an emergency grant of $10,000.
  • The SBA will provide the grant within 3 days of receiving your application.
  • You will not have to repay the grant, even if your application for a loan is denied.
  • You can visit an SBA resource partner who can help guide you through the loan application process.  You can find your nearest Small Business Development Center (SBDC) or Women’s Business Center.

Can I apply for other SBA loan programs?

If you apply for an EIDL and the grant, you can still apply for a Paycheck Protection loan.  However the amount forgiven under a Paycheck Protection loan will be decreased by the $10,000 grant.

More Information

For more information about SBA loan programs, please visit the Small Business Administration.  More information about small business programs in the CARES Act can be found on the U.S. Senate Committee on Small Business and Entrepreneurship website.

If you need additional assistance, please reach out to your local Chamber of Commerce or SBA District Office.

Disaster Loan Applications are now live for the State of Florida (Disaster #FL-00152). Apply for SBA Disaster Loans

Paycheck Protection Program (PPP)  FAQs for Small Businesses Information

Loan Information

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the 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.

You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.

Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.

Frequently Asked Questions for Lenders and Borrowers

For affiliation rules applicable for the Paycheck Protection Program, click here.

The Interim Final Rule for Applicable Affiliation Rules for the Paycheck Protection Program information is being posted in advance of publication in the Federal Register.  The official version will appear in the Federal Register.

Frequently Asked Questions for Faith-Based Organizations Participating in the Paycheck Protection Program and Economic Injury Disaster Loan Program

Who Can Apply

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Loan Details and Forgiveness

The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.  Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

This loan has a maturity of 2 years and an interest rate of 1%.

If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.

Other Assistance

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for disaster assistance.

Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

For information on additional Lending options, please click here.

SBA provides local assistance via 68 district offices and a nationwide network of resource partners. To find resources near you, please click here.