Small Business Administration: Notice about changes & updates to the SBA Disaster Loan Website - What'sUpNewp

Small Business Administration: Notice about changes & updates to the SBA Disaster Loan Website - What'sUpNewp

Small Business Administration: Notice about changes & updates to the SBA Disaster Loan Website - What'sUpNewp

Posted: 27 Mar 2020 06:50 PM PDT

What's Up Newp is passing on the following information on behalf of the Rhode Island Small Business Administration.

Please Note:

There are some who are attempting to defraud people in need by sending emails and various other communications about their need to file for an Economic Injury Disaster Loan (EIDL) before a fictitious deadline. To be clear, 1. There is no immediate deadline for an EIDL application. 2. It does not cost anything to apply, get the papers together, etc. 3. There is no credit card is needed or required. If you get inquiries about this, please help the SBA stop these falsehoods.

Notice About Changes & Updates to the SBA Disaster Loan Website

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The SBA is working diligently to meet customer demand for the SBA Economic Injury Disaster Loans (EIDL) while making the process as user-friendly and easy as possible.As we make updates to website and online application, we will have will have maintenance and upkeep periods where the process will be slow or unavailable. While this is happening now, we still want to make sure you have a way to fill out and submit your application. 

Disaster Loan Details and Process

If you are having issues accessing the website, please try clearing your browsing cache. If that does not correct you ability to access the website please click the links below which will bring you to fillable pdf files which you can either upload the the disaster website or print and send to:U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243

Business Forms

  1. Business Loan Application (Form 5) (en Español)
  2. Home or Sole Proprietor Loan Application (SBA Form 5C) (en Español)
  3. Economic Injury Disaster Loan Supporting Information (Form P-019)

Additional Forms

A Disaster Assistance loan officer may request you to fill out the following additional forms:

As things are improved, we will update you accordingly with the new information.Thank you for your patience.

For additional information on disaster assistance or to check the status of your current EIDL application, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.govVisit for more information.

Here’s how to get a small business loan under the $349 billion coronavirus aid bill - The Washington Post

Posted: 30 Mar 2020 03:45 PM PDT

Business groups say lenders are moving as fast as they can to make the loans available.

"Right now our focus is on speed in terms of making sure these banks have the ability to get loans onto main street quickly," said Tom Sullivan, vice president of small business policy at the U.S. Chamber of Commerce, a lobbying group that is working with lenders who will be distributing the funds, which are backed by a federal loan guarantee.

Here are the details on how small-business owners can access the new federal Paycheck Protection Program. This article will be updated as new information is made available.

Q: How do I apply for a small business loan through the Paycheck Protection Program?

The Small Business Administration has a network of 1,800 approved lenders that process small business loans. If you are interested in a Paycheck Protection Program loan, you should first contact your bank to see if it is an SBA-approved lender. If your bank is not an SBA-approved lender, you can contact the SBA to find one.

Q: When will the new funding be made available to small businesses?

Treasury Secretary Steven Mnuchin said Monday on Fox Business Network that small business loans will be made available starting Friday. Detailed instructions on how to apply for them are to be added to the Small Business Administration's website Monday, Mnuchin said.

Mnuchin has said in the White House's daily news briefings that a system will be set up for same-day loan evaluation.

However, Hicham Oudghiri, chief executive of a small-business-focused data analytics and fraud detection company called Enigma Technologies, said it would be difficult for most banks to meet that target without substantially increasing the risk of fraud. Most small businesses will take days just gathering the documents they need to apply, he said.

"Even the most sophisticated banks will have a hard time short cutting their processes to get money out the door this fast," Oudghiri.

Q: Which businesses qualify under the Paycheck Protection Program?

Small businesses, nonprofits, tribal business concerns that meet the SBA's standard business size definition and veterans organizations organized under 501(c)(19) with fewer than 500 employees are eligible for loans under the program. Self-employed individuals, independent contractors and sole-proprietors also are eligible. To receive a loan, your company must have been in business as of Feb. 15.

If you are in the food service business, the 500-employee cap is applied on a per-physical-location basis, according to a fact sheet published by the U.S. Chamber of Commerce.

There are criminal penalties for submitting false information on loan applications.

Q: How much money can my business receive through the new loan program?

The Paycheck Protection Program provides small business loans of up to $10 million to cover payroll and certain other expenses. Other SBA loan programs, including the federal disaster relief program, offer much smaller loans.

Q: What time period is covered by Paycheck Protection Program loans?

The new loans apply to costs incurred retroactive to Feb. 15 through June 30.

Q: Can the loan eventually be forgiven?

Yes. The act includes loan forgiveness for companies able to keep employees on payroll or continue paying bills throughout the coronavirus crisis.

The amount of loan forgiveness will include payroll costs for individuals below $100,000 in annual income, mortgage and rent obligations, including interest and utility payments. The total amount will be reduced if your workforce is drawn down through attrition or if wages are reduced. If you are forced to lay off employees because of economic conditions, you may be able to preserve some of your loan guarantee by hiring them back.

Eligibility for loan forgiveness starts eight weeks after the loan origination date. There is a maximum 10-year maturity after application for loan forgiveness.

Q: What's the interest rate?

The maximum interest rate for the Paycheck Protection Program is 4 percent.

Q: It looks like there are a lot of different federal loan programs. Can my business receive funding through more than one?

Yes. Businesses that have pending or existing SBA disaster assistance loans can still receive funding through the Paycheck Protection Program as long as the loans are being applied to different cost centers. You also can still apply for a loan if you have an insurance claim pending.

Q: What do these loans cover?

Loans through the Paycheck Protection Program can cover payroll costs, mortgage and rent payments, and health-care benefits for employees, including paid sick leave. In some cases they also can cover interest on other debts.

Q: What if I'm still paying off a different SBA disaster loan?

The Small Business Administration has made all deferments through Dec. 31 automatic. That means small-business owners do not have to contact the SBA to request deferment.

Q: This article did not answer my question. How can I find more information?

If you would like to suggest an additional question for this article, please email the author at

Your primary points of contact for information on federal loan programs should be the U.S. Small Business Administration or an SBA-qualified financial institution. You can reach the SBA by email at or by phone at 1-800-827-5722. The agency has reported receiving "unprecedented" interest in its loan program in recent weeks but is working to set up new call centers to handle the flood of new inquiries.

$350 billion set aside for 'Paycheck Protection Program' - any small company can apply -

Posted: 30 Mar 2020 06:14 AM PDT

HOUSTON — There's a huge focus on the stimulus checks going to millions of Americans, but can we talk about the billions of dollars set aside for small businesses?

The package includes a $350 billion forgivable loan program intended to save jobs. It's called the Paycheck Protection Program.

Any business with fewer than 500 employees can apply. There's a formula that dictates how much they would get. If the business spent that money on employees, a mortgage, rent or utilities, the principal of the loan would be forgiven.

The loans are backed by the Small Business Administration but you can apply through your bank.

Already have an SBA loan? The principal and interest can be delayed up to six months.

The benefits don't end there.

Eligible businesses will also be able to defer their payroll taxes until 2021. They still have to pay but they can stall some.

Official FAQ from the U.S. Senate:

Where can I apply for the Paycheck Protection Program?

You can apply for the Paycheck Protection Program (PPP) at any lending institution that is approved to participate in the program through the existing U.S. Small Business Administration (SBA) 7(a) lending program and additional lenders approved by the Department of Treasury. This could be the bank you already use, or a nearby bank. There are thousands of banks that already participate in the SBA's lending programs, including numerous community banks. You do not have to visit any government institution to apply for the program. You can call your bank or find SBA-approved lenders in your area through SBA's online Lender Match tool. You can call your local Small Business Development Center or Women's Business Center and they will provide free assistance and guide you to lenders.

Who is eligible for the loan?

You are eligible for a loan if you are a small business that employs 500 employees or fewer, or if your business is in an industry that has an employee-based size standard through SBA that is higher than 500 employees. In addition, if you are a restaurant, hotel, or a business that falls within the North American Industry Classification System (NAICS) code 72, "Accommodation and Food Services," and each of your locations has 500 employees or fewer, you are eligible. Tribal businesses, 501(c)(19) veteran organizations, and 501(c)(3) nonprofits, including religious organizations, will be eligible for the program. Nonprofit organizations are subject to SBA's affiliation standards. Independently owned franchises with under 500 employees, who are approved by SBA, are also eligible. Eligible franchises can be found through SBA's Franchise Directory.

I am an independent contractor or gig economy worker, am I eligible?

Yes. Sole proprietors, independent contractors, gig economy workers, and self-employed individuals are all eligible for the Paycheck Protection Program.

What is the maximum amount I can borrow?

The amount any small business is eligible to borrow is 250 percent of their average monthly payroll expenses, up to a total of $10 million. This amount is intended to cover 8 weeks of payroll expenses and any additional amounts for making payments towards debt obligations. This 8 week period may be applied to any time frame between February 15, 2020 and June 30, 2020. Seasonal business expenses will be measured using a 12-week period beginning February 15, 2019, or March 1, 2019, whichever the seasonal employer chooses.

How can I use the money such that the loan will be forgiven?

The amount of principal that may be forgiven is equal to the sum of expenses for payroll, and existing interest payments on mortgages, rent payments, leases, and utility service agreements. Payroll costs include employee salaries (up to an annual rate of pay of $100,000), hourly wages and cash tips, paid sick or medical leave, and group health insurance premiums. If you would like to use the Paycheck Protection Program for other business-related expenses, like inventory, you can, but that portion of the loan will not be forgiven.

When is the loan forgiven?

The loan is forgiven at the end of the 8-week period after you take out the loan. Borrowers will work with lenders to verify covered expenses and the proper amount of forgiveness.

What is the covered period of the loan?

The covered period during which expenses can be forgiven extends from February 15, 2020 to June 30, 2020. Borrowers can choose which 8 weeks they want to count towards the covered period, which can start as early as February 15, 2020.

How much of my loan will be forgiven?

The purpose of the Paycheck Protection Program is to help you retain your employees, at their current base pay. If you keep all of your employees, the entirety of the loan will be forgiven. If you still lay off employees, the forgiveness will be reduced by the percent decrease in the number of employees. If your total payroll expenses on workers making less than $100,000 annually decreases by more than 25 percent, loan forgiveness will be reduced by the same amount. If you have already laid off some employees, you can still be forgiven for the full amount of your payroll cost if you rehire your employees by June 30, 2020.

Am I responsible for interest on the forgiven loan amount?

No, if the full principal of the PPP loan is forgiven, the borrower is not responsible for the interest accrued in the 8-week covered period. The remainder of the loan that is not forgiven will operate according to the loan terms agreed upon by you and the lender.

What are the interest rate and terms for the loan amount that is not forgiven?

The terms of the loan not forgiven may differ on a case-by-case basis. However, the maximum terms of the loan feature a 10-year term with interest capped at 4 percent and a 100 percent loan guarantee by the SBA. You will not have to pay any fees on the loan, and collateral requirements and personal guarantees are waived. Loan payments will be deferred for at least six months and up to one year starting at the origination of the loan.

When is the application deadline for the Paycheck Protection Program?

 Applicants are eligible to apply for the PPP loan until June 30th, 2020.

I took out a bridge loan through my state, am I eligible to apply for the Paycheck Protection Program?

Yes, you can take out a state bridge loan and are still be eligible for the PPP loan.

If I have applied for, or received an Economic Injury Disaster Loan (EIDL) related to COVID- 19 before the Paycheck Protection Program became available, will I be able to refinance into a PPP loan?

Yes. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.


Coronavirus symptoms

The symptoms of coronavirus can be similar to the flu or a bad cold. Symptoms include a fever, cough and shortness of breath, according to the Centers for Disease Control. Some patients also have nausea, body aches, headaches and stomach issues. Losing your sense of taste and/or smell can also be an early warning sign.

Most healthy people will have mild symptoms. A study of more than 72,000 patients by the Centers for Disease Control in China showed 80 percent of the cases there were mild.

But infections can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death, according to the World Health Organization. Older people with underlying health conditions are most at risk for becoming seriously ill. However, U.S. experts are seeing a significant number of younger people being hospitalized, including some in ICU.

The CDC believes symptoms may appear anywhere from two to 14 days after being exposed.

Human coronaviruses are usually spread through...

  • The air by coughing or sneezing
  • Close personal contact, such as touching or shaking hands
  • Touching an object or surface with the virus on it, then touching your mouth, nose or eyes before washing your hands.

Help stop the spread of coronavirus

  • Stay home when you are sick.
  • Eat and sleep separately from your family members
  • Use different utensils and dishes
  • Cover your cough or sneeze with your arm, not your hand.
  • If you use a tissue, throw it in the trash.
  • Follow social distancing

Lower your risk

  • Wash your hands often with soap and water for at least 20 seconds. If soap and water are not available, use an alcohol-based hand sanitizer.
  • Avoid touching your eyes, nose, and mouth with unwashed hands.
  • Avoid close contact with people who are sick.
  • Clean and disinfect frequently touched objects and surfaces.
  • If you are 60 or over and have an underlying health condition such as cardiovascular disease, diabetes or respiratory illnesses like asthma or COPD, the World Health Organization advises you to try to avoid crowds or places where you might interact with people who are sick.

Get complete coverage of the coronavirus by texting 'FACTS' to 713-526-1111.


US Small Business Administration Archives -

Posted: 30 Mar 2020 09:28 PM PDT

A northern Missouri congressman who's a dean in the state's congressional delegation says the $2 trillion economic stimulus package is aimed at helping America emerge from the COVID-19 pandemic stronger.

U.S. Rep. Sam Graves, R-Tarkio, represents 36 counties in northern Missouri (file photo courtesy of Congressman Graves' office)

U.S. Rep. Sam Graves, R-Tarkio, voted for the bill on Friday. He says the bill provides $350 billion to the Small Business Administration (SBA), to supply main street businesses with the capital they need to keep the lights on and their workers on the payroll.

"And as long as they (main street businesses) continue to keep them on the payroll through July 2, then that becomes forgiven," Graves says.

Governor Mike Parson has warned that thousands of Missourians will lose their jobs due to the outbreak. Congressman Graves says the stimulus boosts unemployment benefits for the millions of Americans who've lost their jobs.

Graves represents 36 counties in northern Missouri. His sprawling district is larger than nine U.S. states, and includes St. Joseph, Chillicothe, Bethany, Kirksville and Hannibal.

Congressman Graves tells Missourinet that some hospitals in his district have struggled to get personal protective equipment (PPE), like masks. He notes the stimulus package also includes $117 billion in funding for hospitals and the Veterans Administration (VA) to care for patients and to protect health care employees battling the COVID-19 pandemic.

"Those of us who represent rural areas want to make sure that rural hospitals have every bit as much equipment as they need to combat this," says Graves. "So far, they have not been overrun, but that could quickly, quickly change."

Parson announced Monday afternoon that the state's Strategic National Stockpile has now shipped 7,000 gloves and 3,300 cases of masks to hospitals, EMS and long-term care facilities.

State health officials say there are now 1,031 confirmed COVID-19 cases in Missouri, along with 13 deaths.

As for Graves, he says church groups and other organizations are grocery shopping for seniors in his district, to help the seniors limit their exposure during the COVID-19 outbreak. Graves' district has a large elderly population.

"And that's what rural Missouri is about and all of our rural areas. We take care of people and we take care of our neighbors and our family, and that's very heartwarming," Graves says.

Graves says the pandemic has posed an unprecedented challenge for America, and that Americans have responded with unprecedented patriotism.

Graves and U.S. Sen. Josh Hawley (R) say the stimulus will also provide most American adults with $1,200 checks to help them make ends meet during the outbreak.

Click here to listen to the full interview between Missourinet's Brian Hauswirth and U.S. Rep. Sam Graves, R-Tarkio, which was recorded on March 30, 2020:

Copyright © 2020 · Missourinet


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