The U.S. Small Business Administration’s Delaware Office will host twice-per-week virtual call-in/Microsoft Teams sessions outlining the Economic Aid Act’s Small Business Support Programs, including the Paycheck Protection Program (PPP) re-launch, the Economic Injury Disaster Loan (EIDL) Program, the Shuttered Venue Operators Grant, targeted EIDL advance, and debt relief, and fielding questions from session participants regarding the programs. The virtual sessions will be held at 3:00 p.m. EST every Tuesday and Thursdays, beginning on Tuesday, February 9, 2021 until further notice and will replace SBA Delaware’s 3:00 p.m. EST Economic Aid Act Overview Zoom sessions previously held on Tuesdays and Thursdays at 3:00 p.m. The virtual sessions are free-of-charge.

VIRTUAL SESSION DATES:                                             VIRTUAL SESSION TIME:

Tuesdays and Thursdays,                                                  3:00 p.m. EST - 4:00 pm EST

beginning Tuesday, Feb. 9, 2021

VIRTUAL SESSION  LOG-IN:

Microsoft Teams meeting; join on your computer or mobile app

Click here to join the meeting or e-mail john.banks@sba.gov to be e-mailed a link to the meeting

or call in (audio only)

+1 202-765-1264,,719517021# United States, Washington DC

Phone Conference ID: 719 517 021#

 

 The Economic Aid Act provides assistance to small businesses, nonprofits, and venues that are struggling to recover from the impact of the COVID-19 pandemic. The Act provides funding for a second round of forgivable loans through the Paycheck Protection Program for small businesses and nonprofits experiencing significant revenue losses, funds grants to shuttered venues, and enacts emergency enhancements to other SBA lending programs. This critical assistance provides small business owners with the capital they need to survive the pandemic and includes critical resources for small businesses.

Updated Economic Aid Act information, including PPP Lender forms, guidance, and resources are available at www.sba.gov/coronaviruswww.sba.gov/ppp, and www.gobierno.usa.gov/coronavirus (en Español).

SBA has resumed the Paycheck Protection Program (PPP).  Attached are copies of the Top-Line Overview for the First and Second Draws for your review.  Our staff is in the process of digesting the new program guidance.  Upon completion, we will resume our educational workshops to the general public.  During the interim, we wanted to share some details with you in the event that you receive inquiries regarding this new round of funding.

The initial waive of First Draw PPP loan applications are limited to participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries. 

How To Apply

Borrowers can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program.  We are in the process of determining Delaware based lenders participating and will share this information with you shortly. 

Please review the following PPP borrower application forms to see the information that will be requested from the borrower when the apply:

o    Paycheck Protection Program First Draw Borrower Application Form (revised 01-08-21)

o    Paycheck Protection Program Second Draw Borrower Application Form (01-08-21)

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

o    PPP loans have an interest rate of 1%.

o    Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.

o    Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender. 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).

o    No collateral or personal guarantees are required.

o    Neither the government nor lenders will charge small businesses any fees.

Additional Information and Guidance:

·     Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance (Released 1/6/21)

·     Top-Line Overview of First Draw PPP Loans (Released 1/8/21)

·     Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)

·     Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)

·     Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)

·     Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only) (Released 1/8/21)

·     Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)

Top Line Overview of First Draw PPP (1-8-2021)

Top Line Overview of Second Draw PPP (1-8-2021)

 

Lenders participating in the PPP Loan program (for small businesses that don't have a current local banking relationship)

Lender Organization

Lender Contact

Telephone

Email

   

 

         

PayPal

Greg Buckley

302-374-7003

grbuckley@paypal.com

   

Intuit

   

https://quickbooks.intuit.com/small-business/coronavirus/paycheck-protection-program/

Square

   

https://squareup.com/help/us/en/article/6844-square-payroll-paycheck-protection-program-ppp

Funding Circle

   

https://www.fundingcircle.com/us/resources/how-does-paycheck-protection-program-work/

Blue Vine

   

https://www.bluevine.com/paycheck-protection-program/

 

 

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Do not hesitate to contact your mentor for more information.