First-Time and Second-Time Borrowers Apply Today!
In partnership with the U.S. Small Business Administration (SBA), EMDC is processing applications for first-time and second-time PPP loans. This loan program designed by the SBA, in response to the COVID-19 pandemic, provides a direct incentive for small businesses to retain their employees. For more information and to apply, email our lending team at PPPlending@emdc.org. Applications are encouraged as soon as possible!
To apply today, follow these steps:
- Complete the PDF application, initial and sign in all required areas within the application
- Email the completed application along with the following supporting documents to lending@emdc.org.
- 2019 and 2020 tax returns
- Completed PPP loan application
- Detailed list of the numbers which were used to calculate the average monthly payroll costs
- Once the application is submitted along with the supporting documents, a loan officer will reach out within 24-48 hours to answer any and all questions.
Paycheck Protection Program (PPP) Loan Information
- About PPP Loans
- The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
- Loans have an interest rate of 1%.
- Loans issued prior to June 5th have a maturity of 2 years. Loans issued after June 5th have a maturity of 5 years.
- Payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
- No collateral or personal guarantees are required.
- Neither the government nor lenders will charge small businesses any fees.
- Terms & Qualifications
- Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs.
- Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
- Eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations.
- Provides greater flexibility for seasonal employees.
- Who Can Apply?
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount.
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard) qualifies, including:
- Sole proprietors, independent contractors, and self-employed persons.
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500.
