Update as of July 6
On Saturday, July 4, the President signed a bill that extends the Paycheck Protection Program to August 8, 2020. This is the last date on which a can be submitted to and approved by the SBA. To provide adequate processing time, we will stop accepting PPP applications on July 27, 2020. Receipt of an application by July 27 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the August 8 deadline.
Update as of June 18
2020欧洲杯体育网上投注On June 17, the SBA issued a new Interim Final Rule that implements changes made by Congress in the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). They also issued a revised forgiveness application to reflect the PPPFA changes along with a new “EZ” Paycheck Protection Program loan forgiveness application. A link to the new Interim Final Rule is .
Update as of June 11
On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020 and the SBA issued a new Interim Final Rule on June 11, 2020. The Act confirms that June 30, 2020 remains the last date on which a PPP loan application can be submitted to and approved by the SBA. To provide adequate processing time, we will stop accepting PPP applications on June 16, 2020. Receipt of an application by June 16 does not guarantee that a PPP loan will be processed by us and approved by the SBA by the June 30 deadline.
The Act provides more flexibility for borrowers, including:
- Extends the time frame to spend the funds (covered period) from eight weeks to 24 weeks.
- Lowers the payroll threshold amount from 75% to 60%. Forgiveness will be reduced proportionally if payroll does not meet the 60% threshold.
- The amendment added refinancing of an SBA EIDL loan made between January 31, 2020 and April 3, 2020 as an eligible expense. The other expenses eligible for forgiveness still include rent, mortgage payments, utilities, and interest on loans.
- Extends the payment deferral period to the date the SBA remits the borrower’s loan forgiveness amount to the lender or, in the event the borrower does not apply for loan forgiveness, up to 10 months after the covered period ends.
In addition, the minimum loan term for all new PPP loans approved on or after Friday, June 5, 2020 will be five years.
The Flexibility Act also requires the SBA to revise the Forgiveness Loan Application. We will update the SBA PPP Loan Forgiveness web page when we receive the revisions. As a reminder, required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness applications will be accepted PRIOR TO JULY 1, 2020. We will proactively reach out to all PPP clients when we are ready to begin accepting applications.
More specific information will be distributed when additional guidance is issued.
Update as of June 8
On Friday, June 5, the President signed the Paycheck Protection Program Flexibility Act of 2020. While the Act provides more flexibility for borrowers, lenders are waiting for additional guidance to implement some of the changes. The changes require the SBA to revise the Forgiveness Loan Application and we will post the revised application when it is available. Required forgiveness documentation includes IRS quarterly filings that are due based on the quarter that ends June 30, 2020. Therefore, no loan forgiveness application will be accepted PRIOR TO JULY 1, 20202020欧洲杯体育网上投注. We will proactively reach out to all PPP clients when we are ready to begin accepting forgiveness applications.
Update as of May 28
The SBA recently released an Interim Final Rule (IFR) on forgiveness, which you can review . We expect additional guidance to come from the SBA soon. Click here for more detailed information on the IFR and next steps.
Update as of May 18
The SBA recently released the for forgiveness to help you get familiar with the requirements, but the SBA has not yet released instructions or final guidance to lenders. Until that guidance is received, we cannot accept forgiveness applications. When we have received additional information from the SBA, you will receive an email from us with a link to the forgiveness application process. Please do not submit the Loan Forgiveness Application at this time. We will have a formal and electronic process in place at a later date. Please consult with your accountant or legal counsel for advice on forgiveness.
Update as of April 27
2020欧洲杯体育网上投注With the second round of PPP funding approved, Enterprise is in the process of submitting the many applications we have in our queue. We have been working around the clock to process applications since the first round of funding was depleted. As a reminder, applying more than once will slow down your application process.
Be sure to explore government-sponsored and other programs here.
Update as of April 16
As of April 16, government funding is depleted. We are continuing to work around the clock to process applications so if government funding is extended, we can send as many applications as possible to the SBA. If you have already applied, please do not apply again as it will slow down your application.
Enterprise is committed to helping you navigate through this time and have additional programs and resources available. Please reach out to your Relationship or Portfolio Manager if you would like to explore additional options.
Update as of April 2
2020欧洲杯体育网上投注On March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes the Small Business Administration (SBA) Paycheck Protection Program (PPP). This almost $349 billion program is intended to provide relief for small businesses and their employees who are adversely affected by COVID-19.
As a preferred 7(a) lender, Enterprise will provide funding for this program. We know the demand will be very high, and we are committed to making our process as simple and efficient as possible.
2020欧洲杯体育网上投注Enterprise is committed to helping you navigate the COVID-19 loan relief programs. We will continue to update this page as additional information becomes available.