Another SBA update 4/11/2020

Important notes and additional guidance from Friday’s SBA webinar

Our team has been sitting in on video calls and listening to webinars so we can provide you with the best guidance and accurate information. Important notes and additional guidance from Friday’s SBA webinar:

  • Not every company that applies for the SBA’s $10,000 grant will receive the full amount. The language used now is “up to a $10,000 advance.” It is based on $1,000 per employee. 
  • If applicants are initially declined for EIDL loans, they can reapply up to two additional times to seek a loan approval. If EIDL applicants are denied, the amount received for the grant is not supposed be repaid.
  • The amount received for the advance will be deducted if the EIDL loan is approved for more than $25,000.
  • How you plan to use the loan money is of critical importance. The SBA wants to see that you are requesting help with expenses that the business would normally have to pay if the pandemic never happened. Documentation will be required. If you applied with a “wish list,” contact your financial counselor to discuss.
  • We’re happy to report that payments for the up to $10,000 received under EIDL began on April 10, 2020.