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Today, Saturday Morning Live - Liberty Road, participated in the media advisory conference call to learn and share what small business can expect from the new Paycheck Protection Program and Health Care Enhancement Act (PPP/HCE) to give the assistance and relief that small businesses need to weather the economic shutdown.

The funding for PPP/HCE includes additional funding for the Paycheck Protection Program, Economic Injury Disaster Loans, Hospitals and other aide.

Friday - April 24, 2020 -- President Trump signs the PPP/HCE Act.

Monday - April 27, 2020, 10:30 am -- Funding for PPP, EIDL, and Other aide is released.

EIDL: Small Business Association (SBA) website portal for new EIDL applications will be reopened -- SOON!

If your business already applied for EIDL and your application number starts with the number '3', you do not need to reapply; you are already in the queue.

PPP: Approximately $350 billion in new funding for small businesses.

EIDL: Funding is available for small businesses affected by the coronavirus/pandemic for up to $2 million dollars. If you requested the immediate, up to $10 thousand dollars (or $1 thousand per employee) emergency funding -- you are entitled to use these funds for regular expenditures and can be forgiven if used for payroll, rents, mortgages, or loans, and utility expenses.

EIDL: Loan payments are deferred for up to 12 months, are written for a 30 year payout at 3.75% for private small business and 2.75% for private nonprofits.

EIDL: Use restrictions for EIDL funds -- to be used for normal business capital expenses only.

If your business does not qualify for the EIDL loan and you received the emergency funding of up to $10 thousand; you do not have to repay the emergency funding if used for the approved expenses.

EIDL Emergency / PPP: Funds can be used for payroll and related payroll expenses, rents, mortgages/loans, and utility expenses incurred and paid since February 15, 2020.

PPP: The purpose of these loans are to assist small businesses to retain their employees and ease the pressure to state employment services.

PPP: Documentation required for qualification are twelve months of payroll documentation: 941/940 reports, W3/W2 tax copies, 1099's and tax form 1040 for Independent Contractors, detailed payroll and payroll summary reports from your company payroll software, and your company financial software report for Income/Expense and Balance Sheet for 2019. Documentation varies by each bank/lending institution and the burden is upon the borrower to be able to provide the bank with the requested documents. The new funds approved for PPP will also have business asset thresholds applied to each borrower. If the small business is considered to having adequate cash flow for operations, they may not qualify for PPP funding.

PPP: Loans can/will be forgiven if used 75% for payroll and associated payroll costs (taxes, pension, healthcare) and 25% for rents/mortgage loans/utilities; the borrower will be required to provide detailed proof of these expenditures.

PPP / EIDL: Funds from these loans are not approved for new capital expenses like; purchase of and changes to the business equipment/fixtures to accommodate new regulations from state/federal mitigation requirements that increase safety for employees and customers to promote social distancing, etc.

Other items of interest:

The SBA has been hiring additional staff and ramping up their ability to handle the increased access needed to process EIDL through their website. PPP applications begin at each small businesses local lender, or any lender of choice's SBA processor and funneled through to the SBA for funding. Both programs are backed by the Small Business Association.

Currently the public can see which states have received PPP and EIDL funding by state. They do not have this information detailed out on a "county-by-county." funding graph, to show which county has received approved funding. The SBA is currently focusing all of their energy and time to get the applications processed and funded as quickly as possible.