Nicole Vullo

The Small Business Administration has decided to push back the deferment period for disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. The SBA said that all disaster loans made in 2020, including the EIDL program, will have a first payment due date extended from 12 months to 24 months from the date of the note. It is important to note that all SBA disaster loans made in 2021, including EIDL loans, will have a first payment due date increased from 12 months to 18 months from the date of the note. Any current SBA disaster loans in regular servicing status as of March 1, 2020, will now have the additional 12-month deferment of principal and interest payments. They will resume their regular payment schedule on March 31, 2022, unless a borrower chooses to make payments […]

While the pandemic has decreased the amount of invitations we all receive for physical gatherings and social events, we want you all to be aware of a different kind of invitation to be dropping into your mailboxes soon; The Targeted EIDL Advance invitation. The SBA began to send email invites to businesses and nonprofit organizations that received the EIDL Advance in an amount less than $10,000 on February 1, 2021. Please note that it will take time before all emails are sent to the first priority group. Remain calm if you do not receive your email invite right away. The application invitation will be sent to the primary contact email address connected to your original EIDL application. With scams are an all-time high, be aware that the email will have an @sba.gov ending. Do not communicate with any email that […]

The Small Business Administration recently announced that they have extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program. The deadline is now December 31, 2021.  This extension is a result of the recently passed and enacted bipartisan COVID-19 relief bill. The one change is that the EIDL Advance is not currently available as those funds have been fully allocated. Otherwise, EIDL loan applications can be received through December 2021, pending the availability of funds. Please note that the loans continue to be  offered with favorable terms such as a 3.75% interest rate for small businesses and 2.75% interest rate for nonprofit organizations, a 30-year repayment with no pre-payment penalties or fees, and an automatic deferment of one year before monthly payments begin. Every eligible business is encouraged to apply to get the assistance they need. You can apply online directly through the […]

Additional PPP loans, EIDL grants, Pandemic Unemployment benefits and other small business relief are arriving in 2021. The total allotted for these new PPP loans is just more than $284 billion. As with the first round, businesses may be qualified for full loan forgiveness if portions are correctly spent within a certain time frame. Please be advised that the information is changing quickly and is based on recent information on the programs. It can and is expected to change. The Foresight team will be checking and revising as new information becomes available. It is strongly suggested that you do not rely solely on this for your financial decisions. Continue reading below as we answer some popular questions related to the new program. Who is eligible for the new PPP Loans? Many small businesses may be eligible for the new PPP […]

Recently, a Foresight client reached out to our team with wonderful news to share. Their lender had completed the review of their PPP Forgiveness application and approved their amount in FULL! We knew that the Small Business Administration officially opened their Paycheck Protection Program loan forgiveness portal to lenders back in August.  And of the millions of loans approved under the program, the SBA had only received thousands of forgiveness decisions from lenders. Ultimately, the PPP loan forgiveness process is a lengthy one. It requires the small business to complete the application and submit it to the lender. The lender then has 60 days to give its decision. That decision is then relayed to the SBA, who then has 90 days to process and finalize the application and reimburse the bank for the loan. There is also the possibility of […]