In welcome news for small businesses that missed out on the first round of economic stimulus funding, the Federal government has agreed to terms to renew both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL). The U.S. Senate approved the $484 billion bill yesterday, and with passage in the House expected soon, banks and the Small Business Association should begin taking applications again at the end of this week or early next week. To help make obtaining funding for the PPP as easy as possible for our merchants, SpotOn has partnered with SoFi, a trusted lending partner—simply log in to your SpotOn Dashboard to get started.
The new funding agreement from the Federal government includes:
- $310 billion for the PPP
- $60 billion for EIDL
- Improved access and delivery of capital to community businesses and lenders
What Is a PPP Loan?
The PPP is a Small Business Association (SBA) loan designed to help businesses keep their workforce employed during the (COVID-19) crisis. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
What Is an EIDL Loan?
The EIDL is an low-interest SBA loan available to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
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To our SpotOn clients: We continue to work tirelessly to bring funding access to your fingertips. In addition to enabling you to apply for an Economic Injury Disaster Loan Program (EIDL) loan, we have partnered with SoFi, a trusted lending institution, to connect you with banking relationships who can facilitate your Paycheck Protection Program (PPP) application. Simply login to your SpotOn dashboard to get started ➔ LINK IN BIO
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SpotOn Merchants: Log in to your SpotOn Dashboard for details on how to apply to both the EIDL and the PPP. We anticipate that both programs will start accepting applications again by the end of the week or early next week. If you need assistance or have questions, please contact us at firstname.lastname@example.org or (877) 814-4102.
Other Businesses: Visit the SBA website for information on the EIDL and contact your merchant bank for information about PPP availability.