COVID-19: PPP & EIDL Loan Information

SBA Disaster Relief Programs for Small Businesses

  • PPP Loan Applications: Lenders are currently accepting loan applications through March 31, 2021. The Senate will most likely this week pass the PPP Extension Act of 2021 extending the PPP loan program to May 31, 2021.
    • If you have never received a PPP loan and you are not a Schedule C filer, you should use the following form  First Draw PPP Loan
    • If you have never received a PPP loan and you are a Schedule C filer and you want to use Gross Income to calculate your loan amount, you should use the following form  First Draw PPP Loan Application for Schedule C Filers Using Gross Income
    • If you have never received a PPP loan and you are not a Schedule C filer, you should use the following form  Second Draw PPP Loan
    • If you have received a PPP loan and you are a Schedule C filer and you want to use Gross Income to calculate your loan amount, you should use the following form  Second Draw PPP Loan Application for Schedule C Using Gross Income depending on how you answer the Form 3508EZ Checklist on page 5.
    • Your lender may have their own online versions of these forms. Even if they do, it may beneficial to complete a draft of the SBA form before using your lender's portal.
  • PPP Loan Forgiveness: Your lender should be accepting PPP loan forgiveness applications. The SBA Portal, which is used by your lender, will accept loan forgiveness applications through the maturity of the PPP loan.
    • If you PPP loan amount is $150,000 or less, you can file for forgiveness using  Form 3508S
    • If your PPP loan amount is more than $150,000 you will need use either  Form 3508EZ or Form 3508.
    • Your lender may have their own online versions of these forms. Even if they do, it may beneficial to complete a draft of the SBA form before using your lender's portal.
  • EIDL Loans: The SBA EIDL Portal is currently taking application through December 31, 2021. The SBA just announced that it was increasing the maximum EIDL Loan amount from $150,000 to $500,000.
  • Targeted EIDL Advances: SBA is currently sending out email invitations to those businesses that receive an EIDL advance in 2020 that was less than $10,000.
  • SVOG Grants

    The SBA portal will begin to accept SVOG grant applications on April 8, 2021. If you are interested in applying and you don't have a DUNS number or a SAMS account, you should apply first for a DUNS number so that you can create a SAMS account in advance.

    • 1st Priority 14-day Period: 90% gross receipts decrease.
    • 2nd Priority 14-day Period: 70% gross receipts decrease.
  • RRG Grants

    The SBA portal is currently not open. If you are interested in applying and you don't have a DUNS number or a SAMS account, you should apply first for a DUNS number so that you can create a SAMS account in advance.

    • Initial 21-day Period: women-owned businesses, veteran-owned businesses, socially & economically disadvantaged-owned businesses will be able to apply for a RRG grant.
    • Days 22+: All other eligible businesses will be able to apply for a RRG grant.
    • Adjustments The SBA is authorized to make changes to the formula based on demand and the relative local costs in the markets in which eligible entities operate.


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