SBA Paycheck Protection Program
If you’d like to submit an application or have questions about loan forgiveness, please contact your loan officer directly. The SBA has extended the application deadline to August 8, 2020: that will be the last date that PPP applications can be approved by SBA. If you need help getting in touch with them, please call 888.339.3334 or email firstname.lastname@example.org.
If you’d like to submit an application, please contact your loan officer directly. The last date applications can be approved by SBA is August 8, 2020.
Am I eligible for a PPP loan?
You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, including nonprofits, veterans organization, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry. In addition, your business must meet current Farm Credit eligibility requirements to obtain funding from a Farm Credit institution.
Who do I contact if I’m interested in applying for a SBA PPP loan through MidAtlantic?
Contact your loan officer directly as soon as possible. If you have trouble reaching them, you can also call us at 888.339.3334 or email us at email@example.com.
How do I apply for Loan Forgiveness?
The SBA will begin accepting loan forgiveness applications on August 10 and we will begin accepting these applications on August 17. Your loan officer will send you a link to access the electronic submission portal when it is time for you to submit your loan forgiveness application. Review the application to be prepared with necessary documentation but do not fill it out yet. If any of the required information is missing or incomplete, you risk being denied forgiveness.
USDA Coronavirus Food Assistance Program (CFAP)
As part of the CARES Act, CFAP is intended to provide financial assistance to producers of agricultural commodities who have suffered a five-percent-or-greater price decline or who had losses due to market supply chain disruptions due to COVID-19 and face additional significant market costs.
In response to the Coronavirus (COVID-19) pandemic, small business owners, including farmers, in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000. These are direct SBA loans and are not provided through Farm Credit.
As our environment changes as a result to the pandemic disruptions, other organizations may be offering additional funding opportunities to small businesses. We will list programs here as they are announced.