PPP Eligibility and Expenses Expanded
The Paycheck Protection Program provides loans to help businesses keep their workforce employed during the COVID-19 crisis. As of Jan. 19, the SBA is accepting applications from all participating lenders.
First Draw PPP Loan eligibility now includes additional types of entities and covered eligible expenses have been expanded. Additionally, organizations may qualify for a Second Draw PPP Loan if they can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Learn more about eligibility and covered expenses here.
Lender Match can help you find a participating lender. You can also view all lenders near you on a map
Comments Sought
SBA Proposes Rule to Eliminate Regulations that Exclude Faith-Based Organizations from Seven SBA Programs
Public Comments Due by Feb. 18, 2021
The SBA invites public comment on a proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations from seven business loan and disaster assistance programs.
These programs include the Intermediary Lending Program , Business Loan programs (7(a), Microloan and 504 programs), Economic Injury Disaster Loan program, Military Reservist Economic Injury Disaster Loan program and Immediate Disaster Assistance Program. Learn more here.
SBA and Partner Trainings
Census Business Builder presented by the U.S. Census Bureau Jan. 20, 1 p.m. Register
The Most Common Business Contracts – What You Should Know
Jan. 20, 11 a.m. Register Here
No-Cost Michigan SBDC Support Services Available to You
Jan. 21, 2:30 p.m. Register Here
How Stress Affects our Mental Health and Well-Being at Work
Jan. 26, 11 a.m. Register Here
PPP Updates, Debt Relief, and Economic Injury Disaster Loans with the Anchor Bay Chamber of Commerce, Jan. 27, 1 p.m. Register Here
Preparing to Speak to a Lender – Team SBA Roundtable Jan. 27, 2 p.m. Register
The Important Role of Contracts in Protecting Small Business Intellectual Property Jan. 28, 11 a.m. Register Here
PPP Updates, Debt Relief, and Economic Injury Disaster Loans with the Better Business Bureau of West Michigan Jan. 28, 10 a.m. Click here to participate.
Stay Updated
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
If this newsletter was forwarded to you, sign up to get it directly via sba.gov/updates. Be sure to add your MI zip code to receive this Michigan-specific information.
Join us on Twitter (@SBA_Michigan) for information as it becomes available too.
All SBA programs and services are extended to the public on a nondiscriminatory basis. This article does not constitute or imply an endorsement by SBA of any opinions, products, or services of any private individual or entity.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
