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One program created under the CARES Act is an SBA loan program known as the Paycheck Protection Program (PPP).

- Slide Deck. The PPP loan forgiveness application is out! Neither the government nor lenders will charge small businesses any fees. Join AALU/GAMA’s Armstrong Robinson and Josh Caron, as they walk participants through the newly released PPP Loan Forgiveness Application and provide updates and clarifications on PPP loan forgiveness. If you laid off an employee, then offered to rehire the same employee for the same salary or wage and number of hours, but they declined the offer, your loan may still be forgiven for the full amount. OnDeck® is a Registered Trademark. To assist small businesses impacted by COVID-19, the government has passed the CARES Act, which expands the existing SBA Economic Injury Disaster Loan program with an additional $10 billion in funding. Apply for a PPP loan through us.

Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.The purpose of this loan/forgiveness is to enable and encourage small businesses to protect their employees. Many small business owners do not know they can apply for both an EIDL loan and a PPP loan for the same COVID-19 disaster.

SBA Economic Injury Disaster Loan Program for Small Businesses . Who can apply? Your loan agreement will identify the loan issuer prior to your signing. Learn more about how the PPP works, what businesses are eligible, and how to apply.

The updated PPP Loan Forgiveness Application Forms provided by the SBA (standard and EZ applications). We're experiencing longer wait times.

For example, if you use the proceeds from a PPP loan for payroll, you can't use an EIDL loan for payroll also.Understanding what the PPP business loan program is, how it works, and how to apply will help you navigate this massive federal stimulus program and possibly get the funds you need as quickly as possible.Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a case against one such company on April 17, 2020.The new regular full forgiveness application has been reduced to 5 pages (from 11) and the new EZ version is for you if you meet certain qualifications:You must request forgiveness of your loan using one of two forgiveness application forms approved by the SBA. OnDeck is no longer accepting new Paycheck Protection Program (PPP) loan applications. • There are unresolved issues on several topics, but the focus today is on the impact of the PPP Flexibility Act. THE USE AND FORGIVENESS OF PPP LOAN PROCEEDS • The Paycheck Protection Program (PPP) is complex. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.

A government-backed loan with the support you expect from OnDeck Whether you’re a small business owner with employees, a sole proprietor, self-employed, or an independent contractor, if your business has been affected by coronavirus, the SBA PPP loan may be for you. After you submitted your PPP Loan request through SBA.com®, you should have completed your application with our partner Lendio through their application portal. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Term lengths for renewals of existing OnDeck loans are up to 12 months, term lengths for new loans are up to 6 months. If you received a PPP loan through OnDeck or another lender, here is some useful information on how you could benefit from this program.At least 5 years, though loans are eligible for partial or full forgiveness if your business meets certain criteria. The online lender is one of the first to publicly announce an official entry for consideration since the application went live for fintech companies Wednesday evening. ... For loans under the SBA PPP, your loan may be issued by OnDeck or another OnDeck Banking Partner. Beware of scammers offering a way to get a PPP loan; the Federal Trade Commission filed a … Loan payments will be deferred for six months, and no collateral or personal guarantees are required. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Share article: Insights from Outside: Are Consumers Ready for a Retirement Reset? Congress is currently considering major changes to the PPP loan program including extending the deadline to the end of 2020, allowing borrowers to obtain a second loan, and "streamlining" the forgiveness process for most borrowers.