New Updates on the Paycheck Protection Program!

A new application and interest rate have been released based on guidance from the SBA and updates from participating lenders.

You can find a copy of the application at the link below and the interest rate has been moved from 0.5% to 1%.

You can apply for both the Paycheck Protection Program and the EIDL, you just cannot use the funds from each loan on the same purpose.  Applying for the Economic Injury Disaster Loan (EIDL) happens directly through the SBA and may be a good idea for some businesses, but if you do apply for both loans you will want to make sure you set up separate bank accounts to make sure you do not commingle the funds, and can show where the money from each loan has been used.  If you apply for the EIDL, you can receive an advance in the form of a grant of up to $10,000, which will not have to be repaid.

So far I have been told that First Merchants is currently taking applications, Bank of America and Horizon Bank are accepting them. Huntington Bank will be going live this afternoon, but Bankable, Old National and Citizens are not taking applications yet.

We will try to keep you updated as we learn more.

SBA Paycheck Protection Program Guidelines

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  1. […] After running out of money for the Economic Injury Disaster Loan Grants in mid-April, and only reopening to Ag businesses after the second tranche of funding was passed into law on April 24th, the EIDL Grants are now open to all small businesses, and allow for advance payments of the EIDL loan of $1000 per eligible employee.  This means that independent contractors, freelancers, and gig workers are eligible to receive a $1,000 grant that does not have to be repaid.  Also, you can qualify for the actual loan with some favorable terms. […]

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