The following COVID-19 assistance information is provided by the Ocracoke Civic & Business Association.
The Payroll Protection Program restarted on Monday. The link to updated FAQs on SBA website is here.
Due to the unprecedented demand for Paycheck Protection Program loans by the nation’s small businesses and to ensure equitable access and system integrity, SBA and the U.S. Treasury are taking prudent and reasonable steps to protect SBA’s loan systems for the next phase of PPP loan processing. SBA and Treasury are implementing the following measures:
- Pacing the number of loans processed in the E-Tran system for participating lenders when processing resumes on Monday, April 27, at 10:30 am EDT;
- Instituting a maximum dollar amount at 10% of PPP funding authority that any lending institution will be able to originate, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion (i.e. $60 billion cap);
- Implementing operational standards to ensure that lenders access PPP funds based on their asset size;
- Ensuring the Paycheck Protection Program continues to operate on a first-come, first-served basis so that every small business has access to PPP loans to sustain their business and retain their employees; and
A great tool on Treasury website shows borrowers how to calculate payroll by industry with detailed step-by-step guidance. The link is here.
Answers for detailed specifics on the PPP, can be found in the 5 Interim Final rules.
https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses
PANDEMIC UNEMPLOYMENT ASSISTANCE (PUA) opened on Friday. Guidance is attached here.
The Economic Injury Disaster Loans and Loan Advance (EIDL) program has not reopened at this time. Please check the EIDL page frequently. https://www.sba.gov/page/disaster-loan-applications#section-header-0
