The US Small Business Administration (SBA), working with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This streamlines the PPP forgiveness process to provide financial and administrative relief to small businesses.
Also, SBA and Treasury have eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly. SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on this month. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
To download the simpler forgiveness application, click Here
To download the longer forgiveness application, click Here
Small Businesses still in need of federal relief should note that the Economic Injury Disaster Loan (EIDL) deadline has been extended to October 31st, 2020. EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to Covid-19. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as the continuation of health care benefits, rent, utilities, and fixed debt payments.
This loan applies to small businesses, non-profit organizations of any size, or US agricultural business with 500 or fewer employees, based in any US state, territory, or Washington DC, that have suffered substantial economic injury as a result of Covid-19. you can apply for the COVID-19 EIDL.
To apply for EIDL click here.
Locally, New York created an economic recovery loan program for small and micro businesses, nonprofits, and small landlords throughout the state as they reopen after the COVID-19 outbreak. The New York Forward Loan Fund (NYFLF) targets the state’s small businesses with 20 or fewer full-time equivalent employees, nonprofits, and small landlords that have seen a loss of rental income. The state is still seeking applicants for this program.