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Newburg Update for 4/27/2020 – PPP Second Round of Funding is Now Open

April 27, 2020 Uncategorized Comments Off on Newburg Update for 4/27/2020 – PPP Second Round of Funding is Now Open

Round two of the Paycheck Protection Program funding officially “went live” at 10:30AM (est) this morning. We anticipate this round of funding to be depleted quickly as was with the first round of the PPP, so do not delay submitting an application, if you have not done so already.

We encourage you to check with your bank for program details and process information specific to the bank.

We will continue to provide updates on any additional program details as they become available. 

Follow the link below to view the Newburg Update from 4/24/20 with additional details on the second round PPP:

https://conta.cc/2YbB9yP

For detailed information on the PPP and EIDL Programs, follow the link to our comparison grid:

http://www.newburg.com/newburg/wp-content/uploads/2020/04/SBA-Loan-Comaprison-Grid-EIDL-vs.-PPP-4-3-20-final.pdf 

 

SBA –  Debt Relief Program

 As part of SBA’s debt relief efforts, the SBA will automatically pay the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months.

The payments to be made by the SBA are not deferments. These payments will be forgiven, and borrowers will not be expected to make or repay these payments at a later date. The SBA has 30 days from the next payment due dates to make these payments.

The CARES Act does not require borrowers to notify their lenders or “opt in.” However, eligible borrowers, or borrowers who believe they are eligible, should still check with their lenders to confirm their eligibility before foregoing their next payments.

 In addition to the loan forgiveness provided under Section 1112, this section encourages lenders to defer certain payments and to extend the maturity dates on qualifying loans. 

If you have any current 7(a), 504, and/or microloans, you should check with your bank/lender.

 

Visit our COVID-19 page for more information:
https://www.newburg.com/covid-19/

Follow the link below for additional SBA Coronavirus Relief Options:

https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Contact us directly at info@newburg.com should you have any further questions.

 

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