Sba Economic Injury Disaster Loan Program Pdf
Program Rule and the CARES Act and Lender must retain all such supporting documentation in Lenders file. Visit here to learn more.
However there is the Economic Injury Disaster Loan Program that does not seem to rely on Payroll.
Sba economic injury disaster loan program pdf. See Paycheck Protection Program Rule Total. Borrowers of previous home and business disaster loans do not have to contact SBA to request this deferment. The loan proceeds cover the business payroll cost mortgage interest rent and utilities for 24 weeks.
The Coronavirus Aid Relief and Economic Security Act CARES Act signed into law on Friday March 27 2020 introduced the Paycheck Protection Program the PPP with an initial 349 billion in funding and the goal of preventing job loss and small businesses failure due to losses caused by the COVID-19. The SBA Paycheck Protection Program is a loan program established by the Coronavirus Aid Relief and Economic Security Act to help small businesses retain and pay their employees. Long-term direct loan program from the SBA Loans made through nearly 5500 lenders across the country.
Traditional SBA backed loans are still available via banks as well. What banks are authorized to offer these economic injury disaster loans. Economic Injury Disaster Loan EIDL Paycheck Protection Program NO LONGER AVAILABLE.
Our understanding is that the PPP Loan program uses payroll to calculate loan amounts. SBA offers direct loans through its Economic Injury Disaster Loan program. It may be hard to receive PPP relief funding without payroll.
Loan Amount Information Average Monthly Payroll multiplied by 25 Refinance of Eligible Economic Injury Disaster Loan net of Advance if Applicable. To meet financialobligationsand operating expenses that could have. Payroll Protection Program Loans and Economic Injury Disaster Loans.
