Brinker Simpson

On March 15, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), directed the Agency to provide additional deferment of principal and interest payments for existing COVID Economic Injury Disaster Loan (EIDL) program Borrowers for a total of 30 months deferment from inception on all approved COVID EIDL loans. The extended deferment period will provide additional flexibility to small business owners impacted by the pandemic, especially those in hard-hit sectors managing disruption with recent variants, as well as recent supply chain and inflation challenges amid a growing economic recovery.

Since its inception, the COVID EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities.… Read More

Paycheck Protection Program (PPP) borrowers that received only partial loan forgiveness from their lenders have a new process for appealing the lender’s decision to the U.S. Small Business Administration (SBA).

In a procedural notice published Jan. 27, the SBA said the new appeals process was created after the agency received inquiries by borrowers that received partial forgiveness of their PPP loans because (1) their lender issued a partial approval decision to the SBA on the borrower’s loan forgiveness application, or (2) their lender required the borrower to apply for forgiveness in an amount less than the full amount of the PPP loan.… Read More

On Monday, the U.S. Small Business Administration (SBA) announced updated guidance for those small businesses that have already applied for the Targeted EIDL Advance program, received a decline, and are interested in applying for reevaluation. Specifically, the following updated guidance is being provided:

Current Targeted EIDL Advance applicants:

• Those interested in being considered for reevaluation can submit their reevaluation requests until February 15. The SBA is no longer accepting new Targeted EIDL Advance applications as of December 31, 2021.
• This opportunity is for small businesses that were declined for the Targeted Advance program and can provide additional information to demonstrate their eligibility.