Click here for a copy of the Paycheck Protection Program Report on loans granted through 12PM April 16, 2020 which is approximately when the initial funding ran out.
April 25, 2020 – The Paycheck Protection Program and Health Care Enhancement Act was signed by the President yesterday which, among other things, replenished funds for the Paycheck Protection Program and Economic Injury Disaster Loan programs. The SBA will resume accepting PPP applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT. The SBA online application for EIDL applications remains unavailable as of 10:00am this morning.
April 24, 2020 – Maryland Department of Labor is launching a new one-stop unemployment insurance application to allow all Marylanders to file all types of claims entirely online. This includes those who are eligible for the Pandemic Unemployment Assistance (PUA) program, the Pandemic Emergency Unemployment Compensation (PEUC) program, and individuals who were previously required to file by phone. The launch of this new online application has allowed Maryland’s Division of Unemployment Insurance (DUI) to implement all three Coronavirus Aid, Relief, and Economic Security Act (CARES Act) programs. To access the new application, visit MDunemployment.com.
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.
April 21, 2020 – The Senate passes Bill amending the CARES Act to increase funding for PPP and EIDL programs. The Bill is reportedly going to the House where a vote is expected this Thursday. Media reports indicate the Bill adds $310 billion to the PPP and $60 billion to EIDL programs as well as funds for other relief. If passed and signed into law by Thursday evening the PPP and EIDL programs may be re-opened for new applications as early as Thursday night or Friday morning. Final text of the Senate Bill can be found here. A summary can be found here. Media reports can be found at Fox News, Arizona Republic and The Hill among other sources.
The CARES Act amends the Higher Education Act of 1965 (20 U.S.C. 1002(a)) and addresses, among other things, student loan forbearance offering relief to those who still have outstanding student loans. The Secretary of Education is directed to suspend all payments due for qualifying student loans through September 30, 2020. Additional information can be found here.
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.