Coronavirus/COVID-19 Information

Frequently Asked Questions


Last updated May 19th, 2020

 

Paycheck Protection Program (PPP)

 

  • I applied for PPP but have not heard back, what should I do?

    • Please check with the bank that you applied with and find out if your previous application will be process during this round of funding.
  • Where can I find PPP Loan Information?

    • Please find the program information on this SBA page here.

  • I have some questions about PPP, where can I find answers?

    • Please find the FAQ from SBA here.

  • What are the items required for applications?

    • If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
    • Also, you might need the documents here: tax returns from 2019 and 2018 if available, payroll records to help verify the requested amount, and some demonstration of how COVID-19 has impacted your business.
  • Where can I find SBA eligible lenders?

  • What are loan details and forgiveness?

    • The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.

      Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.

      This loan has a maturity of 2 years and an interest rate of 1%.

      Please find SBA Paycheck Protection Program Loan Forgiveness Application here.
  • What steps should I take to get my PPP loan forgiven?

    • Please find SBA Paycheck Protection Program Loan Forgiveness Application here.
    • This article from Forbes.com might be helpful.

    • Please find another article from Inc.com here.
    • Please find Paycheck Protection Program loan forgiveness calculator here.
  • What if my employee is refusing my job offer post PPP approval or not reporting back?
    • If an employee is refusing to return to work after being furloughed/layedoff or does not report back for any other reasons,  you can fill a claim them here
  •  Where can I find additional program information?

    • In Round Two of the Paycheck Protection Program (period between April 27 – May 1, 2020), the SBA has guaranteed 2,211,791 loans For more information on Round Two loan activity, click here.

    • In Round One of the Paycheck Protection Program, (through April 16, 2020), the SBA guaranteed 1,661,367 loans. For more information on loan activity, click here.

  • I cannot find an answer to my specific question after reviewing the information provided above and the information from SBA, how can I get an answer?

    • SBA Lender Assistance Hotline: (833) 572-0502

 

Last updated May 4th, 2020


Economy Injury Disaster Loan (EIDL) & Emergency Advance

 

  • How do I check the status of my application?

    • If you submitted an application, received correspondence from SBA, and have a loan number that begins with a “3”, you are in the queue and your patience is appreciated.  If you would like to further inquire about the process and understand what to expect next you should contact the Office of Disaster Assistance 24/7 Customer Service line at 800-659-2955. 
  • Can I apply for the EIDL & Emergency Advance?

    • Please check the SBA notice and eligibility here.

  • How can I use the loan funds?

    • These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits or for expansion.

  • Where can I find additional program information?

  • I cannot find an answer to my specific question after reviewing the information provided above and the information from SBA, how can I get an answer?

    • SBA’s Customer Service Center: (800) 659-2955, open 7 days a week from 7 AM to 9 PM Eastern Time. Email: disastercustomerservice@sba.gov. Individuals hearing impairments may call (800) 877-8339.

 

Last updated May 28th, 2020


Other Topics

 

  • How can I find information about the unemployment claim?

    • Please find information of Pandemic Unemployment Assistance (PUA) and Unemployment Insurance (UI) provided for under the CARES Act from Virginia Employement Commission (VCE) here.
    • Please find FAQ from workers regarding COVID-19 from Virginia Governor here.
  • What are other SBA Assistance Program?

    • Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by this health crisis.

    • For information on traditional SBA lending options, please click here.

  • Are there any grant and loan programs available?

    • Please check out our Grants & Loans page here.

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