• PPP Funds still available; EIDL loans now open to all types of businesses

    PPP Funds still available; EIDL loans now open to all types of businesses

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    We are here. We can help. Contact an SBDC advisor. Request advising.
    UPCOMING WEBINARS:
     
    Best Practices for Manufacturers, Makers & Producers
    New Date: Tuesday, 6/23/2020 at 11 am | REGISTER
     
    Step-by-Step Approach to Reopening 
    Wednesday, 6/24/2020 at 11 am | REGISTER
     
    Business Plan Basics
    Thursday, 6/25/2020 at 11 am REGISTER
     
    Generating Visibility & Traffic to Your Business
    Tuesday, 6/30/2020 at 11 am | REGISTER
     
    Getting Started with E-Commerce
    Thursday, 7/9/2020 at 2 pm REGISTER
     
    Customer Service & COVID
    Tuesday, 7/14/2020 at 11 am REGISTER
    EIDL Reopens to All Businesses
     
     The SBA has reopened the Economic Injury Disaster Loan (EIDL) to all eligible small businesses. If you are interested, do not delay -- we do not know when the application will close again.
     
    The EIDL provides low-interest, long-term loans to small businesses which can be used for working capital, payroll, accounts payable, and short-term debts. This program also provides up to $10,000 advance ($1,000 per employee, up to $10,000) that does not need to be paid back. More details here.
     
    If you have already applied and have an application # that starts with 3, you do not need to reapply.
     
    Paycheck Protection Program Changes
     
     There have been some important changes to the Paycheck Protection Program (PPP).
    
    Highlights of these changes include:
     
    • Requires at least 60% of the funds be spent on payroll
    • Extends period to 24 weeks of loan issue or through Dec. 31, whichever comes first
    • Defers repayment at least 10 months
    • Extends loan maturity period to 5 years
    • Extends period to restore staff or salary levels
    • Provides clarification if you are unable to rehire staff
    • More details here
    In addition, the SBA & Treasury released updated forgiveness application based on these changes. Applications can be found here:
     
    EZ Forgiveness Application: For those who fit in the below categories
    Self-employed with no employees; OR
    • Those who did not reduce the wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
    • Those who have experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the wages of employees by more than 25%
    Full Forgiveness Application: For all others who don't apply to the categories above.
     
    FUNDS ARE STILL AVAILABLE.
    Deadline: 6/30/20. Contact a participating lender.
     
     
    "Thank you for being there for small businesses during this crisis and not only providing education and advice, but also a bit of 'business therapy'." - Recent Maine SBDC Client

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