Latest Updates
May 18, 2020 Update
SBA releases forgiveness guidance for Paycheck Protection Program loans
The U.S. Small Business Administration has released guidance and new loan forgiveness forms for the Paycheck Protection Program. You can view the loan forgiveness form here.
April 29, 2020
SBA and U.S. Treasury announce Paycheck Protection Program loan application pause from large lenders from 3:00 pm-11:00 pm today
To ensure access to the Paycheck Protection Program for smaller lenders and their customers, starting at 3:00 pm today the SBA will only accept applications from lending institutions with assets less than a billion. Larger lending institutions will be able to continue submitting applications at 11:00 pm CST.
Learn more about the SBA Paycheck Protection Program
April 27, 2020
SBA Paycheck Protection Program to resume accepting applications from lenders
The SBA announced they will begin accepting Paycheck Protection Program loan applications from participating lenders on Monday, April 27, 2020 at 9:30am CST.
University of Arkansas Small Business and Technology Development Center to host webinar focused on PPP Uses and Forgiveness
April 30, 2020 2:00PM-3:00PM ASBTDC Paycheck Protection Program- Uses and Forgiveness
April 24, 2020
URGENT: SBA Paycheck Protection Program and Economic Injury Disaster Loans have received a second round of funding
The key facet of the CARES Act, the SBA’s Paycheck Protection Program has received a second round of Federal funding. Small businesses who are interested in participating in the program and have not begun to coordinate with their local financial institution should do so immediately. To find a participating local lender you can utilize the SBA’s Lender Search Tool.
The City of Fayetteville’s Department of Economic Vitality anticipates the next round of Paycheck Protection Program funding to be depleted in a matter of days.
How to apply for the SBA Paycheck Protection Program
Small businesses and entrepreneurs interested in applying for a loan through the SBA Paycheck Protection Program can do so by contacting their local financial institution. To locate a participating lender you can utilize the SBA’s new online tool.
Additional lending options such as non-disaster SBA loans, which may be subject to benefits under the CARES Act Small Business Debt Relief Program are also available. For additional lending options from the SBA, click here.
Are there resource providers available to help me apply for the Paycheck Protection Program Loans from the SBA?
Yes. Numerous resource providers are available to assist you:
April 23, 2020 Update
Small Business Administration issues new guidance on the Paycheck Protection Program as Congress approves $321B in additional funding
In wake of Congress passing the next round of economic stimulus, the SBA has issued additional guidance pertaining to the PPP. The guidance addresses the issue which has risen with companies who have adequate sources of liquidity utilizing the program. A key excerpt from the guidance has been included below:
"Question: Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?
Answer: In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business. For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification."
SBA latest guidance on the Paycheck Protection Program
April 21, 2020 Update
Small Businesses are strongly encouraged to begin preparing for the possibility of the SBA Paycheck Protection Program to be reopened this week
The SBA’s Paycheck Protection Program will likely receive additional appropriations very soon. Small businesses who haven’t yet been able to participate in this program are strongly encouraged to work with their local financial institution or resource providers and take advantage of the program as soon as it receives additional funding.. You can find financial institutions who are participating in the Paycheck Protection Program by utilizing the SBA’s Eligible Lender Search Tool.
The City of Fayetteville’s Department of Economic Vitality anticipates the next round of Paycheck Protection Program funding to be depleted in a matter of days. The City has developed a list of local resource providers who are here to help you with your application. Expanded information on the SBA’s PPP can be found on the page below.
April 20, 2020 Update
Small Businesses are strongly encouraged to begin preparing for the possibility of the SBA Paycheck Protection Program to be reopened this week
The SBA’s Paycheck Protection Program will likely receive additional appropriations very soon. Small businesses who haven’t yet been able to participate in this program are strongly encouraged to work with their local financial institution or resource providers and take advantage of the program as soon as it receives additional funding.. You can find financial institutions who are participating in the Paycheck Protection Program by utilizing the SBA’s Eligible Lender Search Tool.
The City of Fayetteville’s Department of Economic Vitality anticipates the next round of Paycheck Protection Program funding to be depleted in a matter of days. The City has developed a list of local resource providers who are here to help you with your application. Expanded information on the SBA’s PPP can be found on the page below.
April 16, 2020 Update
SBA Economic Injury Disaster Loans and Paycheck Protection Program unable to accept new applications
The Small Business Administration is unable to process any new applications for Economic Injury Disaster loans or Paycheck Protection Program Loans at this point in time due to a lapse in appropriations.
SBA Economic Injury Disaster Loan Announcement
SBA Paycheck Protection Program Announcement
April 6, 2020 Update
U.S. Small Business Administration Paycheck Protection Program is Open
The SBA Paycheck Protection Program is open for application. Small businesses who are interested in participating in the Paycheck Protection Program are encouraged to contact their local lender as soon as possible.
You can apply now with SBA approved banks and other lenders. Small Businesses are encouraged to contact their local financial institution for more information on how to apply.
The SBA has also created an online tool to find eligible lenders. This lender search tool was updated significantly over the weekend.
The SBA Website for the Paycheck Protection Program provides detailed information on loan information, who can apply, loan details and forgiveness, and much more.
SBA Paycheck Protection Program Resources
Startup Junkie Consulting CARES Act: Understanding the Paycheck Protection Program
Interim Final Rule for the Paycheck Protection Program
SBA Paycheck Protection Program Borrower Application Form
Additional lending options such as non-disaster SBA loans, which may be subject to benefits under the CARES Act Small Business Debt Relief Program are also available. For additional lending options from the SBA, click here.
April 3, 2020 Update
U.S. Small Business Administration Paycheck Protection Program
The SBA Paycheck Protection Program is open for application. You can apply now with SBA approved banks and other lenders. Small Businesses are encouraged to contact their local financial institution for more information on how to apply. The SBA has also created an online tool to find eligible lenders.
Additional lending options such as non-disaster SBA loans, which may be subject to benefits under the CARES Act Small Business Debt Relief Program are also available. For additional lending options from the SBA, click here.
April 2, 2020 Update
U.S. Small Business Administration Paycheck Protection Program
Today the U.S. Small Business Administration (SBA) announced that lenders may begin processing Paycheck Protection Loan applications as early as April 3, 2020. The SBA recently updated their website with information on where to apply, who is eligible, and further loan details. Please click here to visit the SBA’s updated Paycheck Protection Program page.
SBA Paycheck Protection Program Loans
On March 27, 2020 H.R. 748 CARES Act (also known as the Coronavirus Aid, Relief, and Economic Security Act) became law. The U.S. Small Business Administration loans within the CARES Act are under the Paycheck Protection Program. This was the largest section of the CARES Act with $350 billion in funding allocated to the program. Paycheck Protections Program Loans (PPLs) are different than the Economic Injury Disaster Loans (EIDLs) discussed in the section below. PPLs are modeled after the SBA’s 7(a) loan program. Startup Junkie Consulting has developed an overview of small business relief programs in the CARES Act:
Legislative Update from Startup Junkie Consulting: Understanding Small Business Relief in the CARES Act
How can I apply for the SBA Paycheck Protection Loan?
More details over the specifics of applying for these loans will be available soon. Unlike the Economic Injury Disaster Loans, borrowers will need to apply through banks, credit unions, and other lenders. The SBA will be publishing additional information on eligible lenders soon.
Can a portion of the Paycheck Protection Loan’s be eligible for forgiveness?
Yes. Please see Startup Junkie Consulting’s overview of the CARES Act.
Can a business apply for and obtain both the EIDL and the Paycheck Protection Program Loan from the SBA?
Businesses can apply for both loans. Guidance is forthcoming on the Paycheck Protection Program. Further advice on the ability to secure both is forthcoming.
Are there resource providers available to help me apply for the Paycheck Protection Program Loans from the SBA?
Yes. Numerous resource providers will be available to assist you:
Helpful Links and Resources pertaining to SBA Paycheck Protection Program Loans: