An AMI member got their PPP loan approved last Friday April 10th, (7 days after submitting to their local bank on April 3rd), and closed on the loan this evening. They Expect funds to be disbursed this week, as early as Wednesday. So the SBA PPP program seems to be working.
Anyone applying for a SBA PPP or EIDL loan needs to read and understand these key documents from the SBA and from Senator Cardin’s office (he was the sponsor of the CARES Act which established these programs.).
> It helped me to to print out and highlight the important parts – I found
> that it’s too much to digest and remember electronically.
> I suggest that anyone reading the attached files start in this priority order:
> 1. SBA CARES ACT Sen Cardin… (11 pages, all very important)
> 2. Final SBA PPP April 8 FAQ’s (6 pages all very important)
> 3. SBA PPP April 2 SUMMARY Interim final Rule (pages 1-18 important but
> somewhat redundant with the items above, and you can skip pages 19-31
> which are for lenders only)
> 5. Final SBA Affiliation Rules (2 pages, very important for owners with multiple companies – for the purposes of calculating employment size to see if under the 500 employee cap)
These give good guidance on how to calculate loan forgiveness, the timing of the loan origination (at the disbursement of funds, which must be no later than 10 calendar days after loan approval), the calculation of the loan amount, rules for affiliation of companies to see if you can qualify as small I.e. less than 500 employees, etc. SBA CARES ACT