NEW PPP EIDL GUIDELINES! PPP FORGIVENESS EIDL PPP LOAN UPDATE Small Business Grant Relief SBA Loan
22 people from the great state of Georgia were recently arrested for an $11 million scheme involving the Paycheck Protection Program (PPP) loans.
According to a statement from the U.S. Attorney’s office: “the individuals arrested used the funds to purchase luxury vehicles, jewelry, and other personal items.”
Officials said: “PPP loan applications allegedly filed by the accused reported that each business had between 59 and 69 employees and approximately $295,000 to $342,000 in average monthly payroll expenses.”
They also stated: “Based on the investigation, none of the companies allegedly engaged in any business-related transactions or used the PPP loan proceeds for any authorized purposes. Instead, the businesses used the funds for various personal expenses.”
Hopefully these vital small business disaster relief funds can go to the eligible local companies that still need these funds and away from the fraudsters.
Meanwhile, the application process for Paycheck Protection Program loan forgiveness just got easier for hundreds of thousands of small businesses across America.
Currently, all borrowers need to apply for loan forgiveness directly at their lender, but this new ruling creates a new online portal to make the PPP loan forgiveness process easier than ever.
For businesses to use the portal, lenders would need to opt in to the new SBA platform, which could take some time.
Hopefully these new rules can get your PPP loan forgiven in no time, so stay tuned to the channel for the latest details on when this new SBA disaster relief portal goes live.
Finally, some great news for EIDL claimants across America.
The Small Business Administration explained that all Economic Injury Disaster Loan borrowers the agency extended deferment period for all disaster loans, including EIDLs, until 2022.
They stated that all SBA disaster loans made in calendar year 2020, including EIDL, will have a first payment due date extended from 12-months to 24-months from the date of the note.
Also, all SBA disaster loans made in calendar year 2021 will have a first payment due date extended from 12-months to 18-months from the date of the note.
This could offer you more time to pay back your EIDL, which could allow you to focus on other disaster relief programs and needs for your small business.
#ppp #eidl #stimulus
Source: https://www.cbs46.com/news/22-people-arrested-in-massive-11-million-ppp-scheme/article_be4309b0-eba7-11eb-8f3c-4b88c61ff030.html
https://www.businessreport.com/business/sba-unveiling-online-portal-to-streamline-ppp-loan-forgiveness
https://vermontbiz.com/news/2021/july/20/sba-all-eidls-deferred-until-2022
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