The SBA recently announced several focused programs that should be of interest to affected Chamber members. The first program is an effort to target PPP lending to organizations and individuals that may not have been previously eligible or not had the opportunity to participate. The second is the SBA Disaster Assistance programs to help businesses recover from last week’s storms.
The targeted PPP efforts include:
– Instituting a 14-day period, starting Wednesday, 2/24, during which only businesses with fewer than 20 employees can apply for relief through the Program.
– Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support.
– Eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
– Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
– Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief. More details can be found here.
Following last week’s storms many businesses may find themselves dealing with physical damage and economic injury. In the case of Economic Injury, unfortunately Bexar and many of the surrounding counties are not covered at this time. For those businesses that suffered physical damage, loans may be available to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. More details can be found here: FACT SHEET ABOUT U (sba.gov).