Sussex County Office of Economic Development at Sussex County Government has compiled this information to help business owners navigate thru the current COVID-19 environment. We plan to continue to update this information when we get additional news.
Reminder on 10 month Deferral for PPP loans – The Paycheck Protection Program Flexibility Act of 2020 revises the deferral period for PPP loans, allowing recipients to defer payments until they receive compensation for forgiven amounts. Recipients who do not apply for forgiveness shall have 10 months from the last day of the covered period as stated in the PPP Flex Act 2020. Please remind your lenders of this provision as some may be expecting to start receiving payments after 6 months of deferral which was in the original CARES Act.
The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. For example, if the borrower is using a 24-week Covered Period and received its PPP loan proceeds on Monday, April 20, the first day of the Covered Period is April 20 and the last day of the Covered Period is Sunday, October 4. In no event may the Covered Period extend beyond December 31, 2020.
Q: The 24 hour period to withdraw a submitted application via the PPP Loan Forgiveness Portal has passed and there does not appear to be a way to edit the information in the portal. Are there any options to remedy this?
A: (From PPP ForgivenessRequests@sba.gov) “Once the 24 hour period has passed, you will not be able to withdraw the loan and cannot make any changes. Once SBA begins their review, if there is additional information needed, we will reach out to the lender.”
How to Calculate Loan Amounts for Payroll Protection Program (June 30, 2020)
Application for Expanded Outdoor Seating, per Governor Carney’s Order (May 26, 2020)
Participate in the COVID-19 Customer Protection Standards (May 20, 2020)
Letter on Economic Recovery from Governor John Carney (April 24, 2020)
USDA COVID-19 Resource Matrix (April 14, 2020)
Loan Comparison Chart (Updated) (April 6, 2020)
Small Business Guidance and Loan Resources (April 1, 2020)
Paycheck Protection Program Press Release (April 1, 2020)
Paycheck Protection Program-Information Sheet for Borrowers (April 1, 2020)
Paycheck Protection Program Application (April 1, 2020)
Paycheck Protection Program (PPP) (March 31, 2020 Update)
Economic Injury Disaster Loans and Loan Advance (March 30, 2020 SBA Update)