” The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
Paycheck Protection Loan available with local lenders at 1% with deferred payments and possible forgiveness on part of payroll cost. There are variables which will affect amount forgiven based on use of funds and FTE. This loan can be still be used with the EIDL Read details. We are receiving information from multiple sources, as you, but will give you credible references the U.S. Senate Committee Provided a Guide to Small Business 1pm 3/31/20.
I know that PPP loans can be forgiven. What about EIDL (other than the advance you’ve already mentioned)? The short answer is no, outside of that advance. But an EIDL loan may be forgiven if it is refinanced under a PPP loan depending on the date the EIDL loan was taken out.
Other than the forgiveness amounts, what’s the real difference between the PPP and the EIDL? Size and use. The EIDL is a loan intended to cover six months of operational expenses. In comparison, the PPP is a loan to primarily help you cover payroll for eight weeks. Also, the EIDL loan application is – allegedly – much more straightforward.
Update on 4/14/20 – Interim Rule release which address’ self employed who are eligible to file as of 4/10. An updated instruction for the organization type provides more “how-to” details U.S. Treasury How to Calculate Loan amounts 4/24/20. An update on seasonal work was addressed:
For seasonal employers, use the average number of FTEs per month for the period beginning February 15, 2019, and ending June 30, 2019.
Lenders should be accepting applications 4/3/20 per info on U.S. Treasury Follow the links on U.S. Treasury Site for Borrower information and application. Understand SBA is waiving fees for these loans, the U.S. Treasury is a solid source for specifics – urge you to look at their FAQ page.
LENDERS Find your lender near you
List comprised of current SBA Funding Partners or Lenders who have contacted us to assist with PPP. Other local lenders are getting on board with this program.
*Per SBA Small Business Resource
|Lamar National Bank||Yes|
|Liberty National Bank||E||Yes|
|First Federal Community Bank||Yes|
|American National Bank – Greenville, Quinlan, +||E||Yes, PLP|
|First Bank of Celeste||Yes|
|City National Bank||Yes|
|Guarany Bank and Trust||Yes|
Intuit – was approved as PPP lender 4/14 – may not have process ready till following week
Lamar National accepting additional
Security National Bank
Referrals from Denton SBDC
Referrals from Collin SBDC:
Rod Rodriguez | VP-SBA Lendingfirstname.lastname@example.org |480-686-0937
Bank Corp South, Kyle Wechsler, Assistant Vice President | NMLS #1688777
BancorpSouth Bank | 305 E Colorado Blvd | Dallas TX 75203 Office: (469)-518
Betterfin – matches you with a lender from their database of ledners