Breaking News: SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less

10.14.2020

 

Staff Contribution

 

The U.S. Small Business Administration, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.
 
SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
 
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
 
Click here to read the full press release.

ALERT: Malicious Cyber Actor Spoofing COVID-19 SBA Loan Website via Phishing Emails

08.13.2020

 

Staff Contribution

 

Summary
The Cybersecurity and Infrastructure Security Agency (CISA) is currently tracking an unknown malicious cyber actor who is spoofing the Small Business Administration (SBA) COVID-19 loan relief webpage via phishing emails. These emails include a malicious link to the spoofed SBA website that the cyber actor is using for malicious re-directs and credential stealing.

 

Technical Details
CISA analysts observed an unknown malicious cyber actor sending a phishing email to various Federal Civilian Executive Branch and state, local, tribal, and territorial government recipients. The phishing email contains:

A subject line, SBA Application – Review and Proceed

A sender, marked as disastercustomerservice@sba[.]gov

Text in the email body urging the recipient to click on a hyperlink to address: hxxps://leanproconsulting[.]com.br/gov/covid19relief/sba.gov

The domain resolves to IP address: 162.214.104[.]246

 

For more information about the attack please click here.

SBA Offers Disaster Assistance to Small Businesses in Berkshire, Hampden, and Worcester Counties in Mass. Impacted by the Coronavirus (COVID-19)

Release Date: 
Tuesday, March 17, 2020
Release Number: 20-5
Contact: norman.eng@sba.gov, 617-565-8510 / 202-853-5792

Boston – The U.S. Small Business Administration is offering low-interest federal disaster loans for working capital to Connecticut small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), SBA Administrator Jovita Carranza announced today. SBA acted under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, to declare a disaster following a request received from Gov. Ned Lamont on March 15, 2020.

The disaster declaration makes SBA assistance available in the entire state of Connecticut; and the contiguous counties of Berkshire, Hampden, and Worcester in Massachusetts; and Dutchess, Putnam and Westchester in New York; and Kent, Providence and Washington in Rhode Island.

“SBA is strongly committed to providing the most effective and customer-focused response possible to assist Connecticut small businesses with federal disaster loans. We will be swift in our efforts to help these small businesses recover from the financial impacts of the Coronavirus (COVID-19),” said Administrator Carranza.

SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov(link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.

For more information about Coronavirus, please visit: Coronavirus.gov

For more information about available SBA resources and services, please visit: SBA.gov/coronavirus

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Original story here.

Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund

Sarah Finlaw, Press Secretary, Governor’s Office
03.16.2020

Office of Governor Charlie Baker and Lt. Governor Karyn Polito

BOSTON — Today, the Baker-Polito Administration announced economic support for small businesses with a $10 million loan fund to provide financial relief to those that have been affected by COVID-19.

The $10 million Small Business Recovery Loan Fund will provide emergency capital up to $75,000 to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits. Loans are immediately available to eligible businesses with no payments due for the first 6 months. Massachusetts Growth Capital Corporation (MGCC) has capitalized the fund and will administer it.

“As our administration continues to take steps to protect the health and safety of residents, we recognize the hardships facing the small businesses that create the foundation of the state’s economy,” said Governor Charlie Baker. “This recovery loan fund is a new resource to help small businesses address emergency needs due to the disruption caused by the ongoing COVID-19 pandemic.”

“Small business owners and their employees are our neighbors and our friends, and their enterprises play vital roles in our communities, and we are committed to helping them cope with the impacts of COVID-19,” said Lt. Governor Karyn Polito. “As we announce this small business recovery loan fund, we will continue to work with the Legislature and our federal partners to find ways to effectively provide assistance during this public health emergency.”

“Our office remains in regular contact with the state’s business community to provide updates and receive feedback as the administration continues to expand its comprehensive COVID-19 response,” said Housing and Economic Development Secretary Mike Kennealy. “These new recovery loans complement other resources like the state WorkShare program and federal Economic Injury Disaster Loan program, as well as legislative efforts by the administration to support impacted workers.”

“MGCC is committed to helping support the Commonwealth’s small businesses through this time,” said Lawrence Andrews, President and CEO of MGCC. “We are proud to offer this fund as it serves our mission to save jobs and promote economic development. All processing and funding will take place online through MGCC staff.”

How to Apply:

Please complete the application found on MGCC’s website, EmpoweringSmallBusiness.org.

Completed applications can be sent via email to mgcc@massgcc.com with the subject line “2020 Small Business Recovery Loan Fund”.

MGCC can be reached by email: mgcc@massgcc.com

Loan Fund Details:

  • Who Qualifies: Open to Massachusetts-based businesses impacted by COVID-19 with under 50 full- and part-time employees, including nonprofits (negative impact must be verifiable).
  • Terms and Conditions: This fund is being offered with no payments due for the first 6 months, then 30-months of principal and interest payments and no prepayment penalties.
  • Businesses can apply for loans up to $75,000.

About Massachusetts Growth Capital Corporation:

MGCC is a quasi-public corporation of the Commonwealth that saves and creates jobs at small businesses, often minority and women-owned businesses, by providing financial services and managerial assistance. MGCC also promotes economic development throughout the state, focusing on Gateway Cities and low- to moderate-income communities. MGCC works with traditional financial institutions to make challenging loans bankable, working with community development corporations and other non-profits to provide financing for job-producing projects, and assisting a wide range of small businesses to find the growth capital they require. Since 2010, MGCC has served over 7,400 small businesses, and positively impacted more than 19,200 jobs with customized working capital financing commitments totaling over $122,000,000. For more information, visit EmpoweringSmallBusiness.org.

Original story here: