This webinar will discuss the SBA’s Paycheck Protection Program (PPP) Loan Forgiveness, and COVID-19 Economic Injury Disaster Loans (EIDL). The Ozarks Small Business Incubator (OzSBI) will be hosting a webinar with representatives from the Small Business Administration (SBA) and the Missouri Small Business Development Center (SBDC) at Missouri State University on Wednesday, October 27th.
The PPP Direct Forgiveness Portal and COVID Revenue Reduction Score may help eliminate the documentation requirement for 25% revenue reduction on PPP Second Draw Loans $150,000 or less (for loans that receive a pass score from SBA). According to the SBA, a First Draw PPP loan can be used to fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to Covid-19, and certain supplier costs and expenses for operations. Of the 7,490,514 applications for PPP loan forgiveness, 7,209,360 have received payments as of October 3rd. There are many groups who are eligible to apply, that information is available online at the SBA’s website.
The EIDL Advance programs offer funds similar to a grant, but without the typical requirements. This loan is low-interest, with the intent of helping small business owners recover. Small business owners can receive up to a $2,000,000 EIDL loan at a 3.75% 30-year fixed rate. Applicants for the COVID-19 EIDL may be eligible to receive up to $15,000 from the SBA that does not need to be repaid. You do not need to be approved for the loan or accept the loan to receive an advance. You can apply online for either of these loans on the SBA’s website. The deadline to receive the SBA’s COVID-19 EIDL loan is December 31, 2021.
Attendees will learn about the PPP forgiveness portal and the COVID Revenue Reduction Score. In addition, attendees will learn about the SBA’s COVID-19 EIDL. Anyone planning to attend is required to register at ozsbi.com/events or call OzSBI at 417-256-9724.
The Missouri SBDC at Missouri State University is funded in part through a cooperative agreement with the U.S. Small Business Administration. SBA’s support of or participation in this event is not an endorsement of any product, service, or entity.