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SBA COVID-19 Disaster Assistance From: Thomas A. Stith III District Director NC District Office In wake of the COVID-19 disaster declaration, the SBA North Carolina District Office has been working tirelessly to ensure details regarding SBA's disaster assistance programs are distributed to the citizens of North Carolina. Please take this opportunity to review the below information New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that: Are self-employed and have no employees; OR Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%. The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan. Forgiveness Application EZ Forgiveness Application Below are additional links to assist with the application and calculation process: Forgiveness Application Instructions for Borrowers content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Instructions%20%28Revised%206.16.2020%29.pdf EZ Forgiveness Application Instructions for Borrowers content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Form%20EZ%20Instructions%20%28Revised%2006.16.2020%29.pdf Beware of Scams and Fraud Schemes The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing. Learn more Virtual Mentoring and Training Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video. Find an SBA resource partner near you Resources Treasury Department PPP home page: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses Interim Final Rules Frequently Asked Questions How to Calculate Loan Amounts More NC Based Lenders Offering PPP Loans: NC PPP Lenders Fintech Companies Participating in PPP Loans: Fintech Companies Participating in PPP SBA North Carolina District Office 6302 Fairview Road, Suite 300 Charlotte, NC 28210 Phone: (704) 344-6563 sba.gov/nc Follow us @ SBA_NC
From: Thomas A. Stith III District Director NC District Office In wake of the COVID-19 disaster declaration, the SBA North Carolina District Office has been working tirelessly to ensure details regarding SBA's disaster assistance programs are distributed to the citizens of North Carolina.
Please take this opportunity to review the below information
The U.S. Small Business Administration, in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.
Below are additional links to assist with the application and calculation process:
Forgiveness Application Instructions for Borrowers
content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Instructions%20%28Revised%206.16.2020%29.pdf
EZ Forgiveness Application Instructions for Borrowers
content.sba.gov/sites/default/files/2020-06/PPP%20Loan%20Forgiveness%20Application%20Form%20EZ%20Instructions%20%28Revised%2006.16.2020%29.pdf
The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Learn more
Offices around the country may be closed to the Coronavirus pandemic, but SCORE, Small Business Development Centers, Women’s Business Centers, and Veterans Business Outreach Centers and other resource partners are providing free business mentoring and training by phone, email, and video.
Find an SBA resource partner near you
Treasury Department PPP home page: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
NC Based Lenders Offering PPP Loans:
Fintech Companies Participating in PPP Loans:
6302 Fairview Road, Suite 300 Charlotte, NC 28210 Phone: (704) 344-6563 sba.gov/nc Follow us @ SBA_NC