The Manufacturers Growth Alliance (MGA) hosted the Small Business Administration (SBA) on June 25 to share with small manufacturers the federal funding relief options. Here are a few take-a-ways from the SBA Funding Relief webinar.
Debt Relief Program | The SBA will cover principal, interest and fees for six months. Personal guarantees are required. Manufacturers can apply with a lender that participates in the loan program.
The Debt Relief Program is for current 504, 7(a) and Microloan borrowers are eligible. new 504, 7(a) and Microloan loans between 3/27/2020 and 9/26/2020 are also eligible.
Paycheck Protection Program (PPP) | Manufacturers can extend the length of their PPP from 8 weeks to 24 weeks. Manufacturers need to work with their lender to update their application.
Paycheck Protection Program (PPP) | To ensure loan forgiveness, manufacturers need to have their FTE count to the level on their application by the time the PPP is completely drawn down.
Economic Injury Disaster Loans (EIDL) | EIDL have reopened after being closed for several weeks.
Economic Injury Disaster Loans (EIDL) | Loans are still available if manufacturers are in need of capital for any of the following reasons: fixed debt payments, payroll, accounts payable, other bills, to keep the business open.
SBA Contact | The best contact to ask questions related to SBA funding relief are as follows: .Michigan@sba.gov and email@example.com
Please take a few moments to review the slide deck to acquire insight into the new EZ and revised full forgiveness applications for PPP and many other details related to federal funding relief options.
MGA is here to support your needs to fully resume operations, maintain positive momentum post pandemic, and focus on future growth strategies. In addition, we invite you to "like" us on Facebook, "follow" us on Twitter, and on LinkedIn. If you have questions, feel free to reach out to our team.