ADDITIONAL RESOURCES FOR BUSINESSES THROUGH FEDERAL ASSISTANCE PROGRAMS
The U.S. Congress approved an additional funding and relief package to help workers and business owners struggling with impacts from COVID-19. The relief bill, known as Phase 3.5 of the Coronavirus Stimulus Package, adds an additional $310 billion in funding to the Paycheck Protection Program (PPP) and $60 billion to the Economic Injury Disaster Loan (EIDL) program.
Together, PPP and EIDL are the two primary programs designed to help businesses suffering hardships due to COVID-19.
Central Oregon workers and business owners can apply for one or both of the popular programs, both of which ran out of money after the first round of relief funding earlier this month.
The Small Business Administration website has the most current information for both programs. Business owners are encouraged to apply as early as possible and can find current information on the Paycheck Protection Program webpage and Economic Injury Disaster Loan webpage.
Business owners who have already applied for the PPP through their bank but did not receive funding should contact their bank about their application status. Some banks are expected to continue the process based on the initial application, though this could vary by bank. Business owners who applied for the EIDL through the Small Business Administration but have not received funds do not need to reapply.
Anyone with an interest in these Small Business Administration funding programs should consider taking some steps to ensure the quickest processing possible. These include:
- Be current – check the SBA website for the most recent guidance and forms.
- Be aligned – clearly know how you arrived at your average monthly payroll costs and loan amount.
- Be thorough – follow all the steps outlined in the forms and checklists.
- Be yourself – put the borrower’s name on the application as your company’s legal name. It should match the name registered with the Secretary of State.
- Be prepared – collect your supporting documents and have them ready when applying.
- Be consistent – make sure to provide consistent information on all documentation.
- Be in touch – contact your banker with questions about PPP. For EIDL, your best local resource is the Small Business Development Center at Central Oregon Community College.
COCC’s Small Business Development Center is available to assist businesses with these programs. Contact the center at email@example.com or 541-383-7290 to schedule an appointment via phone or video conference. Small business advice is available at no cost to the business and is always confidential.