If you received an SBA EIDL loan from January 31, 2020 by way of April 3, 2020, you can apply for a Paycheck Protection Program loan. If your EIDL loan was not used for payroll costs, it does not have an effect on your eligibility for a Paycheck Protection Program loan. If your EIDL loan was used for payroll prices, your Paycheck Protection Program loan have to be used to refinance your EIDL loan.

There is a loan forgiveness application course of you should complete before your loan could be forgiven in entire or partially. Additional guidance from the SBA confirms that borrowers won’t be able to defer the beginning of their lined interval to a later date. However, it’s attainable that some lenders will structure the loan as a line of credit.

At Frost, we’re proud to have helped many of our customers safe funds by way of the SBA’s Paycheck Protection Program so as to assist maintain their businesses operational throughout these extraordinary instances. If you acquired a loan via the SBA’s PPP, you may be eligible to request loan forgiveness. Borrowers could select only one of these two methods and should apply that methodology constantly to all their part-time staff for the lined period or the alternative payroll covered period and the selected reference period. The quantity of your loan can solely be forgiven up to the sum of the eligible covered bills during your coated interval.

PPP loan forgiveness continues to be a constant matter of discussion among debtors, lenders and enterprise advisors alike. Guidance continues to be issued regarding PPP forgiveness and eligibility. Eide Bailly’s Adam Sweet has been monitoring the PPP and will present weekly updates on what to do and what to anticipate.

You might want to complete a loan forgiveness utility and submit it to the financial establishment that funded your loan. The EZ version of the loan forgiveness utility requires fewer calculations for eligible debtors.