Changes have been made to the CARES Act passed on March 27, 2020. We realize there have been several delays in the loan processes and this has been very trying for you, our valued small business owners. We are sending this update in an effort to keep you informed.
- EIDL Loans will be capped at $15,000
- EIDL Advance will be limited to $1,000 per employee
- Source: SBA Columbus District Office
If you have applied for an EIDL and EIDL Advance, we are hearing of some clients who have received the money in their bank account(s) as of last night.
On Thursday, April 9, 2020, the Senate blocked efforts to expand the $349 billion small business stimulus lending program by an additional $250 billion. The Senate is adjourned until Monday. The expansion of the PPP small business loan program may still occur at a later date.
Source: Coleman Report 4/10/2020
The SBA said nearly four million businesses have applied for funding under this program—seeking $383 billion—while Congress has allocated far less, $17 billion.
Source: Wall Street Journal 4/10/2020
The PPP just opened applications on April 10, 2020, for Sole Proprietors and Independent Contractors.
There is a PowerPoint presentation available on our website at www.rhodesstate.edu/sbdc if you would like to learn the details of the programs.
Stay well and together, we will get through this!
Kathy Keller, Director
Rhodes State College
Small Business Development Center
4240 Campus Drive, KH 133
Lima, OH 45804