FROM: Leslie Leerskov
Director of Small Business Development Center
Small Business Owners:
I hope that all of you are staying safe. I wanted to touch base with each of you and provide an update as best I can regarding the SBA Disaster Programs.
If you applied online for the SBA Economic Injury Disaster Loan (EIDL) before March 30th, you WILL need to apply again if you would like to receive the $10,000 Advance. They have streamlined the process and should not take more than 30 minutes.
It is our understanding that up to $10,000 will be deposited into your account once the SBA accepts the application. We are not sure what deems an application ‘acceptable’ but think that they may require more documentation to ensure that the business is legitimate before disbursing the money. Please let us know if you have applied for the loan, the date you applied and if you have received any funds. This is a learning process for all of us and sharing will enable us to share the timeline with other clients. As of now, I know of one client that applied on March 31st and has not received funds.
If you are working with your bank for a Payroll Protection Loan, please be patient as each bank is working to make sure they have everything in place to offer the loans. My advice is to call your local bank to inquire if they will be participating in the Payroll Protection Package and request their online application if they are participating. If for some reason, your bank is not participating, please email me and we will connect you to a bank that is participating.
If you applied for both loans and received an advance of $10,000, that amount will be deducted from your Payroll Protection Package.
Amy, Daniel and I are working diligently to assist every one that calls or emails. However, we are experiencing much higher call volume than ever before. If we have missed a phone call, email or haven’t responded, please let us know and we will schedule a time to visit with you. The best way to reach us if via email and our emails are listed below. Our job is to assist you and help you through this process. At this point, we are scheduling appointments 2-3 days out. Please be patient as we work to help all of our clients. We are looking forward to working with you in the future to grow your business and become even better than before COVID-19.