April 24, 2020 – The House voted last night to pass the Paycheck Protection Program and Health Care Enhancement Act which increases funding for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. Applications for PPP are submitted via SBA approved lenders. Check with your bank. Applications for EIDL are submitted via the SBA website. The SBA stopped accepting EIDL applications when the initial funds were exhausted within the first two weeks. As of 9:00am this morning, the SBA online application form for EIDL remains unavailable but will likely relaunch very soon.
For lenders interested in participating in the PPP program, an “Information Sheet” can be found here.
For existing SBA lenders interested in applying to participate in the PPP program, the Lender Application Form can be found here.
Form of Agreement between SBA and lenders who wish to participate in the PPP program can be found here.
The Economic Development Department of the State of New Mexico announces that applications are now available for a State of New Mexico emergency loan program to support larger businesses hardest hit by the COVID-19 health emergency. The program is intended to complement existing CARES Act loan programs and other existing New Mexico state-based programs.
For additional questions and to begin the loan application process, please visit sunmountaincapital.com.
On April 3, 2020 Maryland Governor Larry Hogan signed an executive order temporarily prohibiting evictions of tenants suffering substantial loss of income due to COVID-19, prohibiting certain repossessions, stopping initiation of residential mortgage foreclosures, prohibiting commercial evictions, and allowing the suspension of certain lending limits. A copy of the executive order can be found here.
Congress passes legislation authorizing $2 Trillion in aid with about $350 billion earmarked for small businesses, including sole proprietors, independent contractors, certain non-profits and faith-based organizations across the United States of America and its territories.
Full text of the CARES Act can be found here.
On March 16, 2020 Governor DeSantis activated the Florida Small Business Emergency Bridge Loan Program to support small businesses adversely impacted by COVID-19. Short term loans of up to $50,000 can be obtained. The loans are interest free for up to one year. More details about this program can be found here.