URGENT! PPP Forgiveness Latest NEWS & EIDL Update
URGENT PPP Loan Forgiveness UPDATE from SBA - How to Get PPP Loan forgiveness. Urgent EIDL Update how to get $500,000
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00:00 - PPP Forgiveness Update
02:00 - Loan forgiveness for borrowers with loans of less than $150,000
04:24 - How to apply for PPP forgiveness
05:31 - EIDL Update: SBA is Increasing EIDL Limit
06:55 - How to get EIDL Loan
08:25 - Steps to be taken to get EIDL loan Increase
The Small Business Administration will allow borrowers with Paycheck Protection Program loans of $150,000 or less to apply online for forgiveness directly from the agency.
Lenders will have an option to allow the SBA to process the applications, and they will still issue a decision on whether to grant forgiveness, according to rulemaking documents the agency issued to the industry. The portal will open on Aug. 4, the SBA said. https://directforgiveness.sba.gov/
Loans of $150,000 or less account for about 93% of the outstanding PPP debt, according to the SBA document. The new online portal is designed to ease the volume of loans that banks are handling.
The paycheck protection program has ended, but the EIDL program is still open. And what is the most important - his month the SBA is increasing EIDL limits up to $500,000
The EIDL loans were previously limited to six months of 'economic injury' up to a maximum of $150,000. The SBA recently announced a policy change that significantly increases loan limits up to 24 months of economic injury with a maximum loan amount of $500,000.
Here is a refresher of the rules;
The deadline to apply is 12/31/21.
The loan terms will remain the same; 30-year term with a 3.75% fixed rate for business and 2.75% for nonprofits.
For loan amounts over $25,000, SBA will record a UCC filing.
Real estate collateral will not be required for any loans of $500,000 or less.
Deferment periods for all EIDL loans have been extended until next year.
As a reminder, the SBA places a lot of restrictions on how you can use your EIDL Funds. You can't even invest the money in an interest-bearing bank account.
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#PPP #EIDL