Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program 

 

WASHINGTON – Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP):

 

“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic.  We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.

 

WASHINGTON – Administrator of the U.S. Small Business Administration

Due to limited appropriations funding, the application portal for the EIDL–COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed. • Applicants who have already submitted their applications will continue to be processed on a firstcome, first-served basis.  • SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business’s short-term working capital needs. • This is in addition to the EIDL Advance that small businesses and non-profits are eligible to receive as a result of the CARES Act.

EIDL Loans New Limit of $15,000 in addition to $10,000

Our nation's small businesses and private, nonprofit organizations are facing an unprecedented economic disruption due to the COVID-19 outbreak. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. This is in addition to the Advance of up to $10,000 each small business and non-profit is eligible to receive. By doing this, the SBA will ensure it is supporting the greatest number of applicants during this difficult time.

 

Additional options available to help small businesses include the recently launched Paycheck Protection Program for payroll costs. The Paycheck Protection Program offers loans of up to $10 million at a 1% interest rate. These loans mature in two years, but the amount of the loan used for payroll and certain operating expenses in the first 8 weeks after loan disbursement may be forgiven if the business uses a minimum of 75% of the loan for payroll. Additional resources, such as information on debt relief and express bridge loans, can be found at www.sba.gov/coronavirus.

https://www.sba.gov/funding-programs/disaster-assistance

Payments on all existing SBA disaster loans are being deferred through December 31, 2020 automatically. It is not necessary to make a formal request to receive a deferment. This only applies to SBA disaster loans. Payments on SBA guaranteed loans originated through a private lender are not included in this policy.

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Our nation's small businesses and private, non-profit organizations are facing an unprecedented economic disruption due to the COVID-19 outbreak. The SBA is experiencing a large volume of applications for the Economic Injury Disaster Loan. Due to current appropriations for this program, the SBA will make initial loan disbursements for two months of working capital up to a maximum of $15,000 per applicant. This is in addition to the Advance of up to $10,000 each small business and non-profit is eligible to receive. By doing this, the SBA will ensure it is supporting the greatest number of applicants during this difficult times.

 

Additional options available to help small businesses include the recently launched Paycheck Protection Program for payroll costs. The Paycheck Protection Program offers loans of up to $10 million at a 1% interest rate. These loans mature in two years, but the amount of the loan used for payroll and certain operating expenses in the first 8 weeks after loan disbursement may be forgiven if the business uses a minimum of 75% of the loan for payroll. Additional resources, such as information on debt relief and express bridge loans, can be found at www.sba.gov/coronavirus.

If you plan to apply for the SBA  Disaster Assistance loan this is the show for you.  As we listen to Old School Music, you will receive a few pointers on how to get through the loan process to alleviate a little stress.  You will learn simple tips, and steps of how to get through the process with less headache.   I am simply going to share simple information from customers I have helped over the past 3 weeks.    The information come from real live business owners who call in everyday with the same problem, I thought to myself how can I help the next person avoid some of these problems with going through the process.  Most people are asking the same questions, over, and over, again we are flowed with callers trying to figure out the basic steps.

I will also answers questions in regard to what you can and not apply for simple information as the following question;

Can I refinance my Mortgage with the SBA loan?  No. The loan funds may not be used to refinance, or payoff long-term debt. However, it can be used to make payments on existing mortgage or other installment loan debt.  

Many people have the PayCheck Protection Program confused as a loan that is forgiven, it can be forgiven ONLY if you follow certain guidelines I will share the guidelines with you.    Also the steps, what you can expect after the loan has been submitted. Please tune in to listen.

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On Monday Nights "Fierce" can be heard from 9p.m. - 12midnight CST. The Fierce Female Network can be heard

on WVON 1690AM.  If you want to be a part of the discussion which focuses on dating, and relationship, and how to take a journey which can assist you in having a positive experience during your quest to find love that will last call Fierce

at 312-374-8130.  Perhaps you have a question you can call to speak with one of Fierce's panelist which is made up of Relationship Experts who have a culmuniation of 25+ years of experience in helping individuals finding true love. 

Every Monday night Fierce has Experts available to speak with you, and to answer your questions. Dating Sites are not the only way to go to find love.  Try something different and real that will satisfy your soul, fed your spirit, and open up your heart

to be prepared to met that wonderful person who is right for you.

Mark Hernandez is a person with a great gift.  He is a healer and has helped thousands in the arena of healing.