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SVED Insider - Special Newsletter #6
Paycheck Protection Program (PPP) &
Economic Injury Disaster Loan (EIDL)

In our preceding special newsletters, we devoted a lot of space to the PPP and EIDL programs. We hope that all the businesses in Blaine County that are eligible have applied for both. If you have not, there is still time.

We also know that the level of communication and status updates vary for the businesses that have applied for these programs. Generally speaking (and as of Monday afternoon) SVED is aware of very few local companies that have official loan approvals or funded loans. It is clear that the mandate from Congress to get money into small business accounts within days was not supported by the infrastructure to implement the mandate.

That said, SVED is aware that the clock is ticking for many of you and, while we are not in the position to act as expediters, we can help keep you up to date with what we know.

  • We are starting to learn of some loan approvals and provisional loan approvals for PPP. We are optimistic that the approval is the bottleneck is this process and that banks will fund these loans in quick order following the approval.
  • It is not too late to apply for either program. As of Friday afternoon it was reported that the PPP application total was ~$140 billion of the $350 billion allocated to the program.
  • The EIDL program is estimating a three week lead time. The SBA does not have an online portal to check the status of an existing application, but are developing a secure site for that purpose. You can check loan application status by calling 1-800-659-2955 (TTY: 1-800-877-8339). Hold times are extensive. When funds are approved they are deposited directly to your account so check it regularly.
  • The SBA confirmed Monday evening that the EIDL $10k loan advance is actually $1k per employee up to $10k. This deviates from the previous guidance that business were eligible for up to $10k for eligible expenses and many businesses with fewer than 10 employees will need to take this new guidance into account.
  • We encourage you to work with your current bank locally. If that is not an option for you, other financial institutions are working with the SBA to become eligible lenders and SVED will send out links and more information as we learn about them.
  • Finally, beware of scams. There are numerous no-cost resources to help you apply if you need it.

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