The SBA shut down the EIDL back in April and they are now accepting new applications for eligible small businesses. Apply for this disaster relief directly on the SBA website. The funds are limited.
Other PPP News
The U.S. Treasury posted on Friday a new PPP Loan Application for those who have not received a loan yet. A new forgiveness application has not been posted yet, but is expected.
There is clarification that if your PPP loan was made before June 5, 2020, the maturity is two year for the unforgiven amount; however, borrowers and lenders may mutually agree to extend the maturity of such loans to five years. For loans made on or after June 5, the maturity is five years.
If you own multiple businesses, and each business received a PPP loan, the $15,385 limit* towards forgiveness is across ALL businesses for owners compensation. It is NOT on each business separately. This does not apply to non-owner employees of the company. *Owners are also limited to 8/52 (approximately 15.38% of their 2019 compensation or $15,385, whichever is lower.
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