Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan. If you are unsure about your PPP loan status, or if your PPP loan application has been flagged due to data anomalies, please contact your lender to get more information. Therefore, any questions or concerns regarding individual PPP loan applications must be directed to your lender.įor borrowers who have had their application submitted to SBA by their lender, you can create an account in the SBA Capital Access Financial System (or CAFS) to monitor their loan status. Lenders typically decide when to submit individual PPP loan applications to SBA.
SBA LOAN STATUS FULL
SBA LOAN STATUS HOW TO
How to Calculate First Draw PPP Loan Amounts (effective ).
SBA LOAN STATUS DOWNLOAD
If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender:
SBA LOAN STATUS CODE
Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per locationĪll new First Draw PPP Loans will have the same terms regardless of lender or borrower.That meets the SBA industry size standard if more than 500.31(b)(2)(C) of the Small Business Act) with the greater of: Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec.Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard).Sole proprietors, independent contractors, and self-employed persons.The following entities affected by Coronavirus (COVID-19) may be eligible: Neither the government nor lenders will charge small businesses any fees.No collateral or personal guarantees are required.If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks). Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender.Loans issued after Jhave a maturity of five years. Loans issued prior to Jhave a maturity of two years.SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. If you have not received a PPP loan before, First Draw PPP Loans may be available to you. Paycheck Protection Program Loan Information SBA also offers additional COVID-19 relief. Borrowers may be eligible PPP loan forgiveness. The Paycheck Protection Program (PPP), a loan designed to provide a direct incentive for small businesses to keep their workers on payroll, ended on May 31st, 2021.
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