Open Applications

PPP Loan Applications Open on Monday, April 27 at 8:30 a.m. MDT

The Small Business Administration (SBA) will resume accepting Payroll Protection Plan (PPP) loan applications on Monday, April 27 at 8:30 a.m. MDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.

Organizations are eligible for both an Emergency Injury Disaster Loan (EIDL) Advance AND a PPP loan, however, you can’t use both loans for the same purpose. PPP loans are available through your lender, and EIDL loans and advances are available through the SBA. Check with your local SBA office to learn more about how you can leverage the emergency advance.

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The SBA is only opening the portal for the PPP program at this time. Regarding the EIDL program the SBA notes this on their website:

• “With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
  
  We will provide further information on the availability of the EIDL portal to receive new applications as soon as possible.”

If you have already submitted an EIDL application, yours will be processed as reflected above. If you have not yet applied but would like to, we suggest you prepare to apply using this handy checklist. The SBA says the application should take roughly 2 hours and 10 minutes to complete. 

We will keep you informed if/when the EIDL application reopens on the SBA website.

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PPP Assistance 

The Idaho Nonprofit Center created a resource to walk you through the PPP application and you can find that here. If you are reaching out to your lender, please be especially patient as they are going to be inundated with requests for new loans, and follow up from those put on hold. If you need a list of available lenders, you can find a list here.

We also encourage you to complete just one PPP application, not multiple applications with various lenders.

We have tons of other PPP and EIDL related resources on our website so please be sure to look over other information there too.

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Updated Data 

We also have some really good data to share about the first round of PPP funding: 

• Nearly 1.7 million applications were received 
• More than $342 billion dollars were approved
• 4,975 lenders processed those loans
• Nearly 74% 1.230 million loans were $150,000 or less
• Nationally, the health care and social assistance subsector was the fourth most funded sector, totaling almost $40 billion in PPP funds
• In Idaho, there were 13,627 loans approved totaling more than $1.85 billion dollars

Regarding the EIDL Advance program:

• 755,476 advances were processed totalling more than $3.293 billion
• In Idaho 3,558 advances were approved totaling over $15 million dollars

For the EIDL loan program:

• 26,919 loans approved totaling more than $5.566 billion
• Idaho’s share is 72 loans totaling more than $14.8 million in loans
  

We will keep you informed of any additional changes to these programs as always.