![]() ** NOTE: As of June 15, 2020, SBA is once again accepting EIDL applications from eligible applicants** SBA Economic Injury Disaster Loans Program To find a list of participating lenders please visit the SBA Lender Match website here.įor more information please visit the SBA’s Paycheck Protection Program homepage here. SBA is accepting PPP applications through May 31, 2021. ![]() The maximum amount of a Second Draw PPP loan is $2 million. Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 20. Small Business Administration has re-opened the Paycheck Protection Program (PPP) loan portal to all participating PPP lenders to submit First and Second Draw loan applications to SBA.įirst Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. Small Business AdministrationĬARES Act SBA Loans One-Pager (PDF) SBA Paycheck Protection Program (PPP) Loans Senator Manchin has prepared fact sheets on business tax benefits and Small Business Administration loans that have been made available to businesses through the CARES Act. You can find the full definitions of these terms, and others, in 48 CFR 19.Many businesses are being impacted by the COVID-19 pandemic. The bipartisan CARES Act offers relief through new large funding streams to help bridge our businesses through this health crisis. The SBA calculates number of employees in accordance with 13 CFR 121.106. The number of employees of a concern in business less than 24 months is the average for each pay period that it has been in business. Any person on the payroll must be included as one employee, regardless of hours worked or temporary status. Employee calculation: This is the average number of people employed for each pay period over the business’s latest 24 calendar months.The SBA calculates annual receipts in accordance with 13 CFR 121.104. If a business hasn’t been in business for five years, multiply its average weekly revenue by 52 to determine its average annual receipts. Applicants to SBA's Business Loan and Disaster Loan Programs, as well as the Surety Bond and Small Business Investment Company (SBIC) Programs, may use either three or five years to determine average annual receipts. For purposes of Federal contracting, receipts are averaged over a business’s latest five complete fiscal years. ![]()
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