PracticeCFO Global Update: PPP and EIDL

Dear client, Some of our clients are beginning to receive the PPP loan. Please notify us immediately if you do. We need to know the day you received the funds, as well as the amount. Congress should be passing additional funding to add $310 billion to the PPP program and $60 billion to EIDL.  So far, it has only passed the Senate, and details are still up in the air.  We’d like to give you a step-by-process in getting the loan, as well as reiterate key points to obtaining loan...Read More

Another Important Update on the EIDL and PPP Loans

Dear Client,   We continue to keep our ears to the ground. New information is coming out daily and we want to keep you informed.  PracticeCFO created a COVID task force three weeks ago and we meet 2-3 times a week. On this task force are each of our five CFOs, as well as our director of accounting. These global emails summarize our collective understanding and advice. We’ve also been in contact with most/all of you regarding your own personal situation. We hope this support has been...Read More

EIDL and PPP – Status Update

Dear client,   We wanted to give you an update into what we’re seeing among our clients regarding the EIDL and PPP loans:   EIDL Loan and Grants (These are the loans applied online directly with the SBA) Approvals are just coming in. Clients are receiving an email requesting applicants to create their own SBA EIDL portal. Once created, a client can log in and see the amount of loan they’ve been approved for. They can elect any amount up to the max approved. The user interface is...Read More

Banks Accepting PPP applications

PracticeCFO has researched a few lenders for those applying for the 7a loan. We  have not vetted them in detail as it’s difficult to speak with a representative right now. However, many clients have requests a list of lenders when their bank is not offering the 7a loan, or isn’t accepting any more applications. Online Lenders Geographic Areas Cross River Bank Entire...Read More

PracticeCFO Update to PPP and 7a Loan Information

Here is a brief updated for today, Monday April 6, regarding the EIDL and the 7a loan: Economic Injury Disaster Loan and $10,000 Advance Grant As of today, we have only one client (yes, 1) that received either the $10,000 grant and none that have received the EID loan. A few clients that filled out the application early are in communication with the SBA, but have not received funds. If you have, please notify us. We’d be interested to know. We suspect many will...Read More

Critical Updates to the 7a (“PPP”) Loan Provisions

Last night the SBA issued updated guidance to borrowers and lenders regarding the Economic Injury loans and the 7a (or “PPP” loans). You can ready this guidance here. They did so because today, April 3, is the first day that 7a can be submitted via SBA certified lenders. These updates seem to override, and even alter, some of the provisions of the bill itself.  As a result, they modify some of our guidance we’ve given in our 10-step guide and client communication. Below are the main...Read More
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