SBA Paycheck Protection Program (PPP) re-opened for applications HERE.
Official news, recommendations and announcements from Governor Eric Holcomb and the State of Indiana, CLICK HERE.
Comprehensive Funding Relief Resource List, CLICK HERE.
What you need to know about the Economic Injury Disaster Loan (EIDL) program and (new) $10,000 advance relief grants:
- A "small business" is defined as a sole proprietorship, gig worker, certain nonprofits and those who employee fewer than 500 people
- Most traditional farms are not eligible, however wineries, orchards and other producers who also operate retail outlets for products may be eligible
- Churches that operate educational programs, daycare or other service programs may be eligible
- An "employee" is someone who is "on payroll" and has completed a W-2 form; sole proprietors without employees may also apply
- Interest rates (not applicable to the $10,000 grant) are 2.75% for nonprofits and 3.75% for others
- Application does not equal commitment to take a loan; it determines eligibility and, if eligible, provides a $10,000 advance grant (no payback required)
- Applications for the SBA EIDL remain closed as of April 27, 2020, following the first round of funding being exhausted.
- We found this concise how to complete the EIDL application helpful - VIEW VIDEO (there are others on YouTube as well)
- We also found this comparison of EIDL to PPP valuable: https://www.krostcpas.com/news/the-economic-injury-disaster-loan-eidl-program-vs-the-paycheck-protection-program-ppp
What you need to know about the Paycheck Protection Program (PPP) UPDATED 5/26/2020
- Any business with less than 500 employees is eligible for a loan under the PPP
- The lesser of $10 million or 2.5 times the average total monthly payroll costs of the business is available
- Collateral and personal guarantee requirements are waived for this loan
- Interest rates will not exceed 4%
- Levels of loan forgiveness are based on decreases in employee headcount or wages; up to 100% forgivable
- Applications for the second round of funding has reopened as of April 27, 2020.
- The PPP will be available through June 30, 2020, as funding allows.
- Find local lenders
- PPP info & application
- PPP Foregiveness application & instructions, click here.
What you need to know about the Families First Coronavirus Response Act (FFCRA) Paid Leave program:
- The Department of Labor is implementing this program
- The only details available thus far are online here: https://www.dol.gov/agencies/whd/pandemic/ffcra-employer-paid-leave
Our recommendations for next steps:
- Go to https://www.sba.gov/updates and sign up to receive updates in your inbox
- If you applied for an EIDL or PPP loan but were stalled due to funding running out, contact your SBA bank partner for next steps.
- If you did not already apply for PPP, applications have reopened as of April 27, 2020. If you employ people and will recall them to work, explore and apply here.
- Be patient; call centers are being added to handle the volume of inquiries
America's Small Business Development Center - CARES Act benefits:
The CARES Act provides $240 million to Small Business Development Centers and other partners who aid entrepreneurs, including $25 million for online info and training programs. We encourage those who find themselves with time on their hands during COVID-19 to participate in programs scheduled by America's SBDC. You can find a schedule of upcoming free webinars and more resources here: Small Business Development Center Webinars & Materials
Your local contacts for assistance, in order of suggested priority:
- Questions about loan/grant applications, Email: firstname.lastname@example.org or call 1-800-659-2955
- Congressman Banks Fort Wayne office: (260) 702-4750 or email@example.com
- lndiana District SBA, voicemail 24/7: 317-226-7272 Email: firstname.lastname@example.org