Small Business Administration website back after crash, loans slow in coming
The
"If you went to the SBA portal and you applied only online and you didn't upload anything, then you were OK, as long as you got some kind of indication back from SBA that says we got your application," said
Giltner spoke of the website crash at a video conference sponsored by the Grand Forks/East Grand Forks Chamber. The conference, held on
Funds for one of the disaster loan programs are taking longer than advertised. The Economic Injury Disaster Loan Advance program was supposed to release cash in three days, though due to the volume of applicants, that is not happening. Giltner called for patience, as SBA works through the applications.
"(SBA) has not been following this three-day (time period), so keep that in mind," Giltner said. "The money is there, but, as of Monday morning this week, they had not disseminated any of the funds."
The meeting focused mostly on providing updates to the federal relief programs. The programs cover small businesses as well as some nonprofit groups and veterans organizations.
-- The Economic Injury Disaster Loan Advance program provides up to
-- EIDL loan follow the Advance loan and can be for up to
-- The Paycheck Protection Program (PPP) is a loan that prioritizes workers at small businesses by covering payroll costs for the employer. The amount is determined by the company's payroll costs for eight weeks, plus 25%. The money must be used to pay salaries, though the extra 25% can be used for rent, mortgages on business property and other expenses. This loan will be forgiven provided the money goes to payroll and required costs. This loan must be applied for by downloading the application at sba.gov, then completing it with the company's local lender.
Proceeds from the loans cannot be used for the same purpose. An EIDL loan and PPP loan cannot both be used to pay salaries, for example. If that happens, they may not be forgiven.
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