Date:
April 22, 2020
To all our SBDC Clients,
The RCC SBDC team continues to remain focused on providing you with support and updated information about critical resources available to support your business.
As you may know, last week the SBA's
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 coronavirus.
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 SBA Disaster Loan funding and need to apply, here are a few important things to consider in this process:
- Prepare your application information NOW and get in line quickly. The funding for these programs are limited and we encourage businesses to submit their applications as soon as possible. It is our understanding that there are several thousand applications waiting to be processed, approved, and funded, so it is important you submit your application in a timely manner and that your application is “complete” to facilitate the review and approval process.
- Be specific and coordinate with your PPP lender. This program has two primary steps when you apply: (a) your lender will review and process your application before sending it to the SBA, and (b) the SBA will review your application, approve, and allocate the funds. You are only guaranteed to receive funds once you have a loan application number assigned by the SBA. For EIDL applications you can apply on line at the SBA Disaster Loan website.
- 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 advisor.
- There are very specific ways this funding can be used if you are expecting to receive the maximum allowable loan forgiveness and to avoid potential use of funds issues. SBDC advisors are here to help make sure you know these rules and can maximize the benefits from these programs.
Keep in mind these programs will most likely run out of funds again, and not all applications will be accepted and approved…So
What if I can’t get my SBA application approved?
There are many other funding resources to consider, and practical strategies, resources, programs, etc. that can be explored for your business. We can help you identify alternatives to SBA funding, and evaluate all of your options to keep your business viable and operating.
Our advisors are available to assist you now. Please contact us at (541) 956-7494 and leave us a message, or e-mail us at
sbdc@roguecc.edu
.
Sincerely,
Ron Goss Director and the rest of the SBDC Team
