SBA PAYCHECK PROTECTION PROGRAM (PPP)
SBA PPP Update – 5/6/21:
The SBA notified us that as of May 4, 2021, PPP funds have been depleted and they are no longer accepting applications.
All applications for first or second draw loans that were approved by the SBA will be funded.
All applications that were submitted to the SBA but are either under review or being held for technical reasons will be processed and, if ultimately approved by the SBA, will be funded pending availability of funds. We have been told that funds have been reserved for all applications submitted to the SBA.
We will be sending emails to all applicants who have applications in the Unity Bank queue that had not been submitted to the SBA. These applications will be withdrawn from the Unity Bank system.
If you have any questions regarding your SBA PPP loan or loan forgiveness, please email your name and business name to: SBA_PPP@unitybank.com
SBA PPP Program Resources:
SBA PPP Loan Forgiveness - 3/25 Update
The simplified PPP loan forgiveness application for loans less than or equal to $150,000 is now available. We will be sending out unique loan forgiveness application links to all qualified borrowers. Please keep an eye out for the email.
Borrowers will simply certify several questions pertaining to how the loan proceeds were utilized and sign the form. No supporting documentation will be required.
Please Note: If you do not receive an application link by March 31st, please email the borrower’s legal name and business name to: SBA_PPP@unitybank.com.
SBA 7(a) Loans:
Great news! The SBA is forgiving up to the first 3 months of principal and interest payments, capped at $9M per month, on new SBA loans approved between 2/1/21 and 9/30/21. The SBA guaranty fee has been waived for all loans approved before 9/30/21 resulting in a significant savings in closing costs. Further, borrowers who have already received 6 months of SBA loan payments in 2020 will receive an additional 3 months of payments beginning with their February payment, capped at $9M per month. Please email SBA_PPP@unitybank.com for additional information.
SBA Restaurant Revitalization Fund Application and Guidelines – 4/19 Update:
The SBA announced key details on application requirements, eligibility, and a program guide for the Restaurant Revitalization Fund (RFF). Under this announcement, details on application requirements, eligibility, and a program guide are now available.
For more information, please visit www.sba.gov/restaurants or contact the SBA NJ District Office at: 973-645-2434
SBA EIDL Assistance/Supplemental Targeted Advance Program - 4/28 Update:
The SBA launched a new round of Economic Injury Disaster Loan (EIDL) assistance – called Supplemental Targeted Advances – on April 22nd that will provide $5 billion in additional assistance to 1 million small businesses and nonprofit organizations that have been most severely affected by the economic effects of the COVID-19 pandemic. The Supplemental Targeted Advance program is the latest SBA relief program to launch as part of the American Rescue Plan Act on March 11, 2021.
This additional relief to the smallest and hardest hit businesses builds on Administrator Guzman’s April 6 action to significantly increase the maximum loan amounts for COVID-19 EIDL assistance from 6 months of working capital with a maximum of $150,000 up to 24 months of working capital and a maximum of $500,000. SBA also announced on March 12 that the agency would extend deferment periods for all disaster loans, including COVID-19 EIDLs, until 2022 to provide more time for businesses to build back.
Effective April 22, the SBA modified the Targeted EIDL Advance application process to determine if businesses also qualify for the additional $5,000 Supplemental Targeted Advance. SBA will contact eligible business entities to apply and applications will be processed on a first-come, first-served basis. To qualify for the Supplemental Targeted Advance, an eligible business entity must be in a low-income community, suffered greater than 50 percent economic loss, and have 10 or fewer employees.
For details about the Targeted EIDL Advance and Supplemental Targeted Advance program, please visit www.SBA.gov/eidl. Eligible entities can email questions about the SBA Targeted EIDL Advance and Supplemental Targeted Advance to TargetedAdvance@sba.gov, COVID-19 EIDL disaster loan payment questions to DisasterCustomerService@sba.gov, and contact SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing).