Small Business Administration Updates on PPP and EDIL

The Small Business Administration Arizona, today, released the following updates for Arizona small businesses related to the PPP LOan and EDIL Loan programs

SBA Releases PPP Loan Forgiveness Application and Instructions

The SBA, in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application (Spanish Version) and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

The SBA and Department of the Treasury also recently posted the following two Interim Final Rules:

Requirements – Loan Forgiveness

SBA Loan Review Procedures and Related Borrower and Lender Responsibilities

PPP Funding Still Available for Small Businesses

PPP funds are still available for small businesses, sole proprietors, independent contractors, self-employed persons, 501(c)(3) non-profit organizations, 501(c)(19) veterans organizations, and Tribal businesses.

To apply for this forgivable loan, submit your application with a participating lender.

As of May 23, over $8.5 billion of PPP funding has been approved for 73,739 Arizona businesses and non-profits. Please see the published SBA PPP Reports for the most recent data on PPP loan approvals.

PPP Resources

PPP Lender List – Arizona: Includes participating banks, credit unions, micro-lenders, CDFIs and alternative online lenders
PPP Program Information
PPP Program Overview
Borrower Information
Lender Information
PPP FAQs
How to Calculate PPP Loan Amounts
PPP Interim Final Rule – Provides Calculation Examples

Update on SBA Economic Injury Disaster Loan (EIDL) and EIDL Advance

At this time, SBA is accepting new EIDL and EIDL Advance applications from agricultural businesses. Agricultural businesses can apply online through the SBA COVID-19 EIDL Application Portal. SBA has also resumed processing EIDL and EIDL Advance applications that were submitted before the SBA loan portal stopped accepting new applications on April 15.

For the most up-to-date information on these programs, please visit https://www.sba.gov/funding-programs/disaster-assistance/coronavirus-covid-19.

For questions on the status of your SBA EIDL or EIDL Advance application, please contact the SBA Disaster Assistance Customer Service Center at 1-800-659-2955 or email disastercustomerservice@sba.gov

Join SBA’s Disaster Recovery Team

Join SBA’s Office of Disaster Assistance where you can enjoy challenging but satisfying work as part of a highly motivated and diverse team helping families and businesses struggling to rebuild their lives after a disaster. We are seeking: