Paycheck Protection Program, Round Two
As you have likely heard, last week the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program ran out of funds. Together, PPP and EIDL are the two primary programs designed to help businesses suffering hardships due to COVID-19. This week, Congress is expected to allocate additional funds for these two programs with an emphasis on the PPP, which is designed to help the greatest number of businesses.
If you have not already received PPP funding and wish to apply, here are a few important things to consider in this process:
- Get in line quickly. The funding for this program is limited and we encourage businesses
to get their applications in as soon as possible.
- Talk to your bank. Many lenders are capped and have allocated the maximum amount allowed.
Reach out if you need help finding a lender.
- Be specific with your lender. This program has two primary steps when you apply: (1)
your lender will review and process your application before sending it to the SBA,
and (2) the SBA will review your application and allocate the funds. It is important
to know where you are in this process, so be sure to ask your lender.
- You are only guaranteed to receive funds once you have a PPP number assigned by the
- Remember: there is a lot of information about the PPP and EIDL programs out there,
and not all of it is accurate. To make sure you have the best information, talk with
an SBDC adviser, or visit our COVID-19 Business Resources page.
- There are very specific ways this funding can be used if you are expecting to receive the maximum allowable loan forgiveness. Your SBDC advisers at Central Oregon Community College can help make sure you know these rules and can maximize the benefits from these programs.