Updated SBA Interpretation Bulletin

Apr 08, 2020

Updated SBA Interpretation Bulletin


UPDATE:  There are plenty of rumors going around at the moment.  I have passed all these issues onto the Houston SBA office and found the truth:

 

  • MYTH:  You cannot apply for both the Payroll Protection Program (PPP) loan and the Economic Injury Disaster Loan (EIDL) loan
    • You can definitely apply for both
  • MYTH: You are required to apply for a Payroll Protection Program (PPP)  loan at the bank you use for business purposes
    • You can apply at any bank that will accept your application
  • TRUTH: Many banks are ONLY accepting from their customers
  • TRUTH: The disaster loans are not guaranteeing $10,000 grants
    • The disaster loans will advance you up to $750-$1,000 per employee you had on the payroll on 1/31/2020
  • TRUTH:  The SBA disaster loan program is running behind and is not meeting their goal of advancing funds within 3 days of disaster of the date of applying for the Economic Injury Disaster Loan (EIDL)
    • In fact, several people applied on Monday, March 30th and have not received anything as of this time
    • The SBA  is extremely busy and are working as fast as they can. 

  


 


 

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