SBA Guidance For Businesses: Economic Recovery & Loan Programs
With COVID-19's impact on the economy, disaster loans can provide vital assistance to qualified businesses. Every U.S. business owner should hear this, as you may be surprised by what is still available to help you mitigate loss of revenue.
In this recording, Jennell K. Taylor, Economic Development Specialist in the Georgia District Office of the U.S. Small Business Administration (SBA), provided informative updates about Paycheck Protection Program Loans (PPP) and Economic Injury Disaster Loans (EIDL).
"As COVID-19 hit everyone across America, the SBA was called upon to take a big lead to assist with the recovery effort," Jennell said. He mentioned that typically only about one in five SBA employees work on disaster loans, but for months those loans accounted for nearly 100% of SBA's work.
The SBA's mission is to help small businesses grow, and Jennell and his colleagues worked hard to give relief printers and other companies who needed relief in 2020.
In this recording he reviews...
- Eligible proceeds of PPP loans (06:45 mark of video)
- PPP loan forgiveness criteria (15:45 mark) -- pay attention to what Jennell says about loan proceeds not used for employee compensation, and the need to document those expenses
- PPP loan exceptions and "safe harbors" (18:50 mark)
- PPP loan forgiveness process and timeline (20:45 mark) -- you'll need to use SBA Form 3508 or 3508 EZ
- EIDL loan details, application process and FAQs (23:20 mark) -- this is still available until December 31, 2020; for details visit this SBA website page
- Forms needed for organizations applying for an EIDL loan (34:30 mark)
Jennell also provided candid answers to attendees' questions in a Q&A following his presentation.
For more information and the full video replay of this episode visit dscoop.com
