Updates on EIDL, SBA, and PPP
Good Morning !! There are several updates on the money front !!
For those waiting for an EIDL extension, it finally seems that (after four long months) the engine is starting to run, and we hear more and more stories of successful approvals and fundings. So if you're waiting, keep an eye on your email (and spam) box.
Last week, the SBA opened a new PPP forgiveness portal for applications under $150K that allows borrowers to bypass their bank. The trick is that your bank has to enroll in the program. So if you haven't applied for forgiveness yet, check with your bank. This new portal might be a more straightforward way to go.
Finally, for those trying to get a new SBA loan by the end of September and take advantage of the benefits – there is some concern that the “covid bonuses” will end when and if the infrastructure bill is signed. We are keeping an eye on this and will keep the community posted.