We have waded through the information for you to apply for SBA loans and grants under the CARES Act. We have spoken with experts, applied for these loans ourselves and have curated the best information, links, and shortcuts further below.
We are sharing a working list of documents that we believe are the most helpful to best understand and organize your information. As you may already know, details change rapidly and these materials reflect the information available on the date they were created. Please make sure you have the latest information when applying for relief funds. We will update this resource as new information is available.
According to a story that ran in Business Insider on May 11, 2020, over 40% of the PPP funds are still available two weeks into its second round.
On May 7, 2020 in the New Jersey Business Magazine entitled, Over $100B in PPP Funds Still Available from Round 2 "SBA forgives the portion of Paycheck Protection loan proceeds used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loan payments may be deferred for one year, and are retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020."
Know your cash on hand (incoming and outgoing), payments over the next 90 days, managing your credit, and if possible, meet with your CPA to review your financial position to predict and forecast needs.
Identify the federal programs that you may qualify for and that are available.
The Pediatric Management Institute (PMI) Forum continues to share helpful requirement information when applying for SBA Loans. For more information, join the PMI Forum. This is a great resource, even if you are not a pediatrician, as many problems and solutions overlap with all areas of adult and speciality medicine. Click here to sign up for the PMI Covid-19 Impact Forum.
Other information that might be requested include:
Attached are useful tools that include, PPP eligible expenses, a forgiveness tracker, and CARES Act FAQ's.
Applicants can apply online via an Electronic Loan Application (ELA) on the SBA secure website.
Paper applications are available here and we have also attached forms to print out.
Applications can also be obtained by calling the SBA's Support Line at 800-659-2955, and at 800-877-8339 (for the hearing impaired), or by going to Disaster Assistance Customer Service Center's (CSC) resources.
Credit history- applicants must have a credit history that is acceptable to the SBA.
Repayment- SBA must determine that the applicant business has the ability to repay the SBA loan.
Eligibility- The applicant must be physically located in the declared county and suffered working capital losses due to the declared disaster.
Eligible entities may qualify for loans up to $2 million.
Interest rates: 3.75% for small businesses and 2.75% for nonprofit organizations with terms up to 30 years.
Eligibility for working capital loans are based on the business size (must be a small business) and type of business and its financial resources.
These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits or for expansion.
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