Farriers who were unable to secure a forgivable small business loan as part of the federal government’s initial coronavirus relief package will get another opportunity, and perhaps a better one at that.

President Donald Trump signed into law on Friday, April 24, 2020, the Paycheck Protection Program (PPP) and Health Care Enhancement Act, which provides $310 billion for small businesses.

The PPP is a fund that’s managed by the Small Business Administration (SBA) and provides forgivable loans to small businesses that use the money for payroll, rent, mortgage, interest or utilities. At least 75% of the forgiven amount must have been used for payroll. Loan payments also will be deferred for 6 months. No collateral or personal guarantees are required. Fees will not be charged. Forgiveness of the loan is based on the employer maintaining or quickly rehiring employees or maintaining salary levels. Forgiveness will be reduced if full-time headcount declines or if salaries and wages decrease. In addition, all employees must be kept on the payroll for 8 weeks. As sole proprietors, independent contractors and/or self-employed people, farriers qualify for the loans.

The legislation was drafted after the initial $349 billion that was allocated to the PPP was exhausted April 16. As a result, the SBA stopped accepting loan applications. The acceptance of applications will restart in the days after the bill is signed into law. Farriers can apply for the loans by visiting SBA’s PPP site.

The new legislation also includes $60 billion for the SBA’s Economic Injury Disaster Loan Program (EIDLP), $10 billion of which is earmarked for businesses in need of emergency grants.

EIDLP provides a loan advance of as much as $10,000 to businesses that are experiencing a temporary loss of revenue. Funds will be made available following a successful application. This loan advance will not have to be repaid.

The program, which helps businesses overcome the temporary loss of revenue as a result of the COVID-19 pandemic, is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations. To apply, visit the SBA’s EIDLP site.

After smaller companies registered complaints that they were shut out of the initial funding phase, the new legislation includes a provision that sets aside $60 million for community lenders and credit unions that cater to local businesses.

“Our bill will help rural small businesses, minority small businesses, and women-owned small businesses get the funding they need,” Senate Minority Leader Charles E. Schumer, a New York Democrat, said while addressing Senate leaders in a pro forma session April 21.

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