Latest Disaster Program Updates From The UAlbany SBDC
Paycheck Protection Program Lenders:
If you are having trouble finding a lender for the Paycheck Protection Program, PayPal, Intuit and Square were approved to participate in the program over the weekend.
PayPal's application is curently live and accepting applications (link below)
Square and Intuit are expected to roll out their programs soon.
PayPal Application Is Live, Here 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 SBA will also automatically pay the principal, interest, and fees of new 7(a), 504, and microloans issued prior to September 27, 2020.
If you have questions about your current loan and whether or not your loan is automatically deferred, please contact your Loan Servicing Office directly using the following information:
Birmingham Disaster Loan Servicing Center:
El Paso Disaster Loan Servicing Center:
Economic Injury Disaster Loan Programs:
The EIDL program is being administered in the following two ways. EIDL Cash Advance:
Direct deposit into the account information provided in the application.
You will likely receive the funds without SBA contact.
Application will be assigned to a case manager for review.
The case manager will be in contact for any additional documentation and/or information needed to process the application.
Loan closing information will be finalized.
The UAlbany SBDC has started to hear about some EIDL cash advances this week, so hopefully you will receive those funds soon. The EIDL loan will likely take longer. Both programs are processing the applications in the order in which they received them, and unfortunately there is a very high volume of applications.