FED Resources
Resources that can directly help your business during this time of crisis
Paycheck Protection Program
The Paycheck Protection Program (PPP) is designed to provide loans for small businesses to keep you in business and your workers on the payroll. You can apply for a loan through any existing SBA 7(a) lender or through any federally insured depository
institution, any federally insured credit union, and any Farm Credit System institution (that is participating). You should consult with your local lender to see if they are participating. New, second-draw, and supplemental PPP loans will be available until March 31, 2021. SBA
will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
- New COVID Emergency Relief Bill - Click Here
- Overview of the Paycheck Protection Program (PPP) - Click Here
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Information for Businesses Applying for PPP Loans - Click Here
- NEW PPP Application Form for Borrowers - Click Here
- NEW Second-Draw PPP Application for Borrowers - Click Here
- PPP Fact Sheet - Click Here
- PPP Interim Final Rule - Click Here
- PPP On-Demand Webinar - Click
Here
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PPP Loan Forgiveness:
PPP Loan Forgiveness Application Form 3508S is the simplest form for PPP loan forgiveness and you should use it if your PPP loan amount is $50,000 or less. Instead of having to show your forgiveness amount calculation as required on form 3508 and form
3508EZ, you simply certify seven things (initial each item).
PPP Loan Forgiveness Application Form 3508EZ is a short-form application for PPP loan forgiveness. To be eligible use Form 3508EZ, you must meet the following criteria:
- You are self-employed and have no employees; OR
- You did not reduce the salaries or wages of your employees by more than 25%, and did not reduce the number or hours of your employees; OR
- You experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of your employees by more than 25%.
PPP Loan Forgiveness Application Form 3508 (revised) is the long-form application for PPP loan forgiveness. This is the form that is required if you don’t qualify to use form 3508S or 3508EZ.
You should apply for forgiveness through the bank where you received your PPP loan. You will likely receive an email from your bank when they begin accepting PPP Loan Forgiveness Applications. Most banks will be accepting PPP Loan Forgiveness Applications
electronically through an online portal, in a similar manner to the original PPP loan applications.
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Q&A
The Small Business Administration (SBA) developed two questions and answers (Q&A) documents. Both Q&A documents provide valuable information that will help you understand PPP Loans and PPP Loan Forgiveness. Click the link below to review and download
the Q&A documents.
COVID-19 Economic Injury Disaster Loan (EIDL)
In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan (EIDL) directly with the Small Business Administration (SBA). The
EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19). The program includes an EIDL Advance which is forgivable. Small businesses interested
in applying for an EIDL and EIDL Advance can apply online.
Facility Reopening Fire & Safety Checklist
As the dust settles, we want to help set you up for success as your customers move to more normal operation. We have provided two simple checklists you can use with your customers to help them stay safe from COVID-19 and to ensure their facilities
are ready for employees and customers.
Other Resources