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SBA Relief Loans

SBA Relief Loans

SBA Relief Loans

  • Paycheck Protection Program Loans (PPP)
  • Economic Injury Disaster Loans (EIDL)
  • Frequently Asked SBA Relief Questions

 

At Truliant, we believe in the importance of small businesses within the communities we live. We’re working diligently alongside the Small Business Administration (SBA) to provide solutions to help our small business member-owners through this time. We are here for you.

The latest COVID-19 Relief Bill was signed into law on December 27, 2020, providing approximately $900 billion of fiscal stimulus to individuals, businesses, and hospitals.

Included in the bill were extensions for two types of business loans: Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans  (EIDL).

Paycheck Protection Program (PPP) Loan

Updated 4/16/2021:

Effective March 3, 2021 the following rules were added to the guidelines provided by the SBA:

  • Loan amounts that were approved prior to March 3, 2021 cannot be modified.
  • If any loan has been funded, there is no way to cancel and resubmit it.
  • New calculations as well as the new rules concerning student loan defaults and previous felony charges are effective only for those applying after the effective date of March 3, 2021.

You can read more about these new rulings here: https://public-inspection.federalregister.gov/2021-04795.pdf.

The second round of PPP applications was completed earlier this year. If you need to discuss further with our Business Services team, please email [email protected]

For more information about the Paycheck Protection Program, please visit the SBA website.

Economic Injury Disaster Loans (EIDL)

The EIDL is for businesses to pay for operational expenses through this uncertain time. This loan is administered by the SBA and includes a $10,000 emergency grant to be made within three days of an application.

These grants do not have to be repaid as long as funds are used for: 

  • Providing paid sick leave to employees unable to work due to the direct effect of the COVID–19
  • Maintaining payroll to retain employees during business disruptions or substantial slowdowns 
  • Meeting increased costs to obtain materials unavailable from the applicant’s original source due to interrupted supply chains
  • Making rent or mortgage payments
  • Repaying obligations that cannot be met due to revenue losses

EIDLs are working capital loans, up to $2 million, which may be used for fixed debts, payroll, accounts payable, and other bills. These loans include a 10-year repayment at 3.75% (or 2.75% if you’re a non-profit). To qualify, you must be:

  • A small business, cooperative, ESOP or tribal business with 500 or fewer employees
  • An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor, or
  • A private non-profit or small agricultural cooperative 
  • Your business must be directly affected by COVID-19

To apply or for more information, please visit the Small Business Administration Portal.


All loans are subject to credit approval and program guidelines.
 

PPP Loan Forgiveness

Resources

How can I request loan forgiveness?

If your existing PPP Loan is $150,000 or greater, you should have already received a link to complete your forgiveness application. We will begin accepting PPP loan forgiveness for those with loans less than $150,000 in the coming weeks.

If you have a PPP loan with Truliant, you will receive two emails with information about the PPP loan forgiveness process and another with your unique application link.

During the application process, you will be asked to create a PIN. Your PIN must be between 6-12 characters including numbers, letters and special characters. It is important for you to retain this PIN as you will need it throughout the forgiveness process along with checking on the status of your application. If you lose or forget your PIN, you will be asked to begin your application again, potentially delaying forgiveness. Truliant will not be able to retrieve lost or forgotten PINs.

If you do not receive information about loan forgiveness via email by June 1st, 2021, please email us at [email protected]

In the meantime, please review our PPP Loan Forgiveness FAQ and continue to prepare your supporting documentation per SBA guidance, saving in PDF format, if possible, to ensure easy uploading to the SBA's digital platform. Unfortunately, no paper applications will be accepted. 

If you have any further questions, please email us at [email protected]. Our call center representatives will be unable to answer questions relating to PPP loans or forgiveness.
 

Other Frequently Asked Questions

Is Truliant still offering the PPP loan?

We will be participating in the new PPP Loan origination. For details and to learn how or what you need to qualify for a new PPP Loan, please visit the SBA's website.

In order to apply, you must either:

  • Have become a member before December 27, 2020
  • Have an existing PPP loan

Where can I get the most up to date information related to PPP Loans in general?             

The most accurate and current information can be found on the SBA website.

Are you doing the EIDL loan with the $10,000 advance?

The EIDL is only available through the SBA. Please visit the SBA website to apply. This loan is administered by the SBA.

Are you a Member that needs assistance? We understand the need for flexibility based on individual circumstances and are here to assist any way we can. Members impacted by coronavirus who need special arrangements can call 800.822.0382.

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