The latest updates on how TD Bank is helping business owners impacted by COVID-19, the latest from the CARES Act, payroll protection, SBA loans, application info and more.
Congratulations, you have now completed your application for the COVID-19 Economic Injury Disaster Loan! Okay, I’ve applied. What do I do now? Unfortunately, there’s nothing to do but wait. The SBA will contact you at the email address provided if they need additional information after yo...
As a result of COVID-19, small businesses and private not-for-profits suffering economic injury in New York, New Jersey, and Pennsylvania are now being offered low-interest disaster loans for working capital through the US Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL)...
Businesses that received an Economic Injury Disaster Loan (EIDL) as a result of the COVID-19 pandemic could use funds to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster. Rates forSBA EIDL loansare different than rates for other SBA Disa...
COVID-19 pandemic. While there are no loan forgiveness provisions applicable to EIDLs, companies that have already applied for or received EIDLs due to economic injury attributable to the COVID-19 pandemic can seek to refinance their EIDLs under the PPP to take advantage of the PPP’s loan...
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phone assistance and step-by-step application assistance. To this end SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s securewebsiteand there are virtual customer support representa...
PPP Loans: Helping Field Service Businesses Stay Strong During COVID-19 You rely on your employees to succeed. Unfortunately, due tocircumstancesbeyond your control, you may have found it difficult to keep them on the payroll the past few months. Consider applying for a PPP loan before August...
Once the form has been completed, the lender has 60 days to review the application and submit it to the SBA, which has 90 days to make a decision regarding forgiveness. Last month, the SBA announced that it was eliminating the Loan Necessity Questionnaire for PPP loans of $2 million or ...
Borrowers are required to submit the Application prior to receiving PPP loan forgiveness. The Application, along with its accompanying instructions and schedules (Schedule A and Schedule A Worksheet), shed light on many questions that have followed the PPP since its creation. Below is...