SBA Loan Programs Expanded

The Small Business Association Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Programs quickly ran out of the urgently needed funds that small businesses are depending upon to make payroll and pay rent. In response, the U.S. Congress has expanded funding to the SBA programs that are part of the CARES Act. The PPP will receive $310 billion in additional funds, and the EIDL fund will receive an additional $60 billion in funding. The new legislation also sets aside $60 billion of the PPP funding for small and medium-sized community banks, which will provide extra help for self-employed individuals and small businesses that do not have relationships with larger banks.

If you have already applied for an EIDL, the SBA will process applications in their system. If you have not applied for an EIDL, the SBA application page will open as soon as they are ready to accept new applications. It is recommended to monitor the SBA web site, https://www.sba.gov/disaster-assistance/coronavirus-covid-19 for the moment the applications re-open.

If you have already applied for a PPP loan through a certified SBA lender, it is recommended that you contact your lender to ensure that your application is complete and if the application is in queue to be submitted to the SBA.

Northshore Legal LLC specializes in real estate law, and represents buyer and sellers of residential and commercial real estate. We will continue to provide updates throughout the pandemic crisis. We can be reached at consultation@northshore.legal or 781-463-6063.