SBA Funding Availability
Available Monday, April 27, 2020 10:30 AM
www.sba.gov/disaster-assistance/...
Notice: Additional Economic Injury Disaster Loan Funding
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 (including those from agricultural enterprises) as soon as possible.
The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state's or territory's Governor, the SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
PPP Update and EIDL Funding Update 04272020
OVERVIEW:
Phase 3.5 Legislation Enacted, New Tranche of $310B Provided for PPP. On April 24, President Trump signed a $483B package which is generally referred to as the Phase 3.5 coronavirus package. The bill includes $310B in additional funding for the Paycheck Protection Program (PPP), $60B in funding EIDL small business grant/loan programs, $75B for hospitals, and $25B for testing efforts. Notably, of the $310B PPP funding, $30B is for mid-sized depositories (i.e., $10B to $50B in assets) and $30B is for community financial institutions and smaller depositories (i.e., <$10B in assets).
Effectively, the statute creates three separate funding pools and it is unclear at this stage how the SBA will police those volumes. The initial tranche of PPP funding was exhausted in roughly two weeks and it is expect this tranche to be disbursed in a relatively similar time period, which suggests that Congress will be forced to consider a third tranche of PPP funding as part of the forthcoming Phase 4 negotiations.
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UPDATE: Gov. Murphy signed legislation allowing a notary public to perform notarial services remotely during the COVID-19 public health emergency.
Under the new law, a notarial act can be performed remotely if the notary either has:
- personal knowledge of the member of the public’s identity
- a witness either by oath or affirmation that can identify the person seeking a notarial act and has at least two forms of identity.
Remote notarial acts can take place immediately and will continue during the COVID-19 state of emergency. A copy of the new law can be found at https://www.njleg.state.nj.us/2020/Bills/A4000/3903_R1.PDF.
IRS Extends Deadlines For 1031, Opportunity Zone Investors
The National Association of Realtors told its members the decision benefits investors who are involved in 1031 exchanges or opportunity zone investments. With 1031 exchanges, investors who have to either identify or close on a property between April 1 and July 15 now have until July 15.
Although many experts called for the IRS to extend these deadlines, what the agency released Thursday night was met with more confusion than applause. It doesn't address like-kind exchanges or opportunity zone investments specifically, but tax experts agreed they are covered under the broadening of the extension.
“Lots of really smart and really knowledgable people are just scratching their heads on this," said Suzanne Goldstein Baker, the general counsel of Investment Property Exchange Services Inc.