The PPP/EIDL ‘well’ has re-opened for applications. If ‘you’ read no further, contact your Bank or SBA-approved lender immediately. As in NOW.
In the interest of disseminating the relevant information, the following are excerpts from today U.S. Small Business Administration’s e-newsletter.
PPP Loans to Resume April 27, 2020
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.
For more information on the Paycheck Protection Program.
Additional Resources for Small Business Owners Impacted by Covid-19
Economic Injury Disaster Loans
With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis. New applications are not currently being accepted.
If you have already submitted an application for an SBA Economic Injury Disaster Loan (EIDL) as a result of the Coronavirus Pandemic and your Application Number starts with a three (3), your request will be processed in the order it was received and you will be contacted once a decision has been reached. You can update or correct information submitted at the time a Loan Officer contacts you to process your application.
If you have additional questions or require further assistance, please call our Disaster Customer Service Center at 1-800-659-2955 or, for the deaf and hard-of-hearing 1-800-877-8339 (Monday through Friday from 8:00 am to 8:00 pm, Saturday and Sunday from 8:00 am to 8:00 pm Eastern Time) or email us at: firstname.lastname@example.org.
SBA Debt Relief Options
The SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
For current SBA Serviced Disaster (Home and Business) Loans: If your disaster loan was in “regular servicing” status on March 1, 2020, the SBA is providing automatic deferments through December 31, 2020.
Interest will continue to accrue on the loan.
The deferment will NOT cancel any established Preauthorized Debit (PAD) or recurring payments on your loan. Borrower must cancel any automated payments.
Borrowers may continue remitting payments during the deferment period, if they so choose.
For further information on these ‘flash’ matters please see the following just-issued Wall Street Journal report: Small-Business Loan Program Resumes With Reports of Delays
For information about Bogin, Munns & Munns’ own response to Coronavirus readiness.
Note: Citations are given to the sources to respect the original authors’ copyrights.
– For more information, call Philip N. Kabler of the Gainesville, FL office of Bogin, Munns & Munns at 352.332.7688, where he practices in the areas of business, banking, real estate, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law and is the President-Elect of the Eighth Judicial Circuit Bar Association.
To consult with an experienced business law lawyer today, call 855-686-6752
NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.