• The Latest on Business Relief Loan Programs: What You Need to Know

    If you’re a business owner, you’ve been doing your best to keep up with the latest health guidelines, re-opening procedures, and legislation that impacts your business. Recently, there have been changes to two of the business loan assistance programs created as a result of the COVID-19 pandemic. Here’s what you need to know:
    Economic Injury Disaster Loan (EIDL)
    Earlier this week, the SBA re-opened the EIDL application process for eligible (500 or fewer employees) businesses, non-profits, and independent contractors. The maximum loan amount is $2 million, but if your business has already applied in the past you do not need to apply again. Nearly five million EIDL loans have been approved to date, totaling more than $100 billion.

    To apply, visit the Small Business Administration website.

    Paycheck Protection Program (PPP)
    The PPP loans were so popular and utilized, the program ran out of funding so Congress replenished a second round of funding. As of last week, more than $130 billion still remains available for small businesses. But don’t wait too long; the deadline to get approved is June 30.

    Here are some recent changes made to the PPP so that it could be more easily utilized:
    So far nearly 400,000 PPP loan applications have been approved in Texas. About two-thirds are for less than $50,000 and 80 percent are for less than $100,000. This indicated the money is reaching its intended targets of small businesses and non-profits.

    You can apply for a PPP loan as well as apply for loan forgiveness on the SBA’s website.


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