EDC Business Alert — Applications are Still Being Accepted for Paycheck Protection Program

Good Morning Partners, Clients and Friends,

PAYCHECK PROTECTION PROGRAM (PPP)

The SBA’s Paycheck Protection Program is still open and accepting new applications. This SBA loan program may be accessed through any bank that currently issues SBA 7a guarantee loans. To find an approved lender visit this link.

This program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020. NOTE: For more information please visit the SBA website. For frequently asked questions please visit the U.S. Department of Treasury.

KEY FEATURES OF PPP

1. Eligible businesses: All small businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries

2. Maximum loan amount up to $10 million. For more information on how to calculate your maximum loan amount please visit this link.

3. Loan will be fully forgiven if proceeds are used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination

4. All loans under this program will have the following identical features:

We encourage all eligible businesses seeking additional capital to apply.