PPP Loans to Resume Today, Governor McMaster To Extend Home or Work Order, SC Chamber Members Making a Difference Spotlight: Boeing Brings 1.5 Million Masks to SC
Today’s COVID-19 business information compiled by your SC Chamber Team includes: PPP Loans to Resume Today, Governor McMaster To Extend Home or Work Order, SC Chamber Members Making a Difference Spotlight: Boeing Brings 1.5 Million Masks to SC
The US Small Business Administration (SBA) will resume accepting PPP loan applications today, April 27th, at 10:30 AM EDT.
To assist with the roll-out of the program, late Friday night, the US Department of the Treasury (Treasury) and the SBA issued new guidance for borrowers and lenders about how to calculate the maximum loan amount for which each business may qualify. Also, the agencies have already updated their Frequently Asked Question (FAQ) sheet for banks loaning the additional PPP funds, and the SBA Interim Final Rule remains in effect at this time.
To recap – President Trump signed a bill on Friday afternoon, allocating additional funds for COVID-19 response and relief. That package included $310 billion for PPP and $60 for Economic Injury Disaster Loans (EIDL) as well as hospital assistance and COVID-19 testing funds.
Below is a list of many of the official resources for businesses who need more information about PPP:
- More information
- Search Tool: Find an Eligible Lender
- Borrower Application Form
- Applicable Affiliation Rules
- More information
- Lender Application Form
- Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions
- Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders
- SBA Procedural Guidance on Participation Sales (Updated 4/24)
- Lender Assistance Hotline: (833) 572-0502
- Frequently Asked Questions (Updated 4/23)
- Interim Final Rule 1
- Interim Final Rule on Applicable Affiliation Rules
- Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans
- Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility (Updated 4/24)
In a press conference today, Governor McMaster announced that he would be extending the current “Home or Work” Order tomorrow. This new order will remain in place for 15 days or until the Governor rescinds it.
This new order is not expected to be different from the current order in place and should be an extension of existing requirements.
To recap the previous Home or Work Order:
- The order MAKES NO CHANGES to the current list of non-essential businesses that must close to the public (see this communication for the list of businesses allowed to re-open last week)
- The Governor’s order requires that all residents and visitors in South Carolina limit their movements outside of their home, UNLESS they are engaged in Essential Business, Essential Activities, or Critical Infrastructure Operations. Additionally, the order requires retail businesses, that are not deemed non-essential, to limit customers to no more than five customers per 1,000 square feet of space or 20% of occupancy limit as determined by the fire marshal, whichever is less.
- If issued tomorrow as expected, the order will be in place until May 12, 2020, unless rescinded at an earlier date.
- An Essential Business is any business that has not been deemed “non-essential” by previous executive orders.
- Essential activities are considered:
- Caring for or visiting family
- Obtaining necessary goods and services for household consumption and use
- Seeking medical care for persons and pets
- Engaging in outdoor recreational activities using six feet social distancing
- Attending religious services
- Violation of the order is a misdemeanor, punishable by a fine (up to $100) or imprisonment for up to 30 days.
- Individuals can still travel to essential work and activities as needed. The order requires no particular credentials to go to essential work or activities.
- If uncertain about whether your business needs to close, then you can complete the “Essential Business Clarification” form via the Department of Commerce’s website, email email@example.com, or call 803-734-2873. The department will review the request, and the business will receive a determination within 24 hours.
We will send a link to the new executive order as well as a summary of how it affects business in our next communications email.