Updated SBA numbers for the PPP and EIDL + EIDL Advance:
National:
PPP (Rounds one and two) – Loans: 4.4 million – Amount: $511 billion dollars (making the average about $116,000)
EIDL Advance – Advances: 3.1 million advances – Amount: $10.2 billion
EIDL Loans – Loans: 500,074 approved – Amount: $42.4 billion
Utah:
PPP (Rounds one and two)
– Loans: 47,683 – Amount: $5.2 billion
EIDL Advance
– Loan Advance: 23,507 – Amount: $82.7 million
EIDL Loans
– Loans: 3,761 – Amount: $365.3 million
USDA:
Recently, U.S. Secretary of Agriculture Sonny Perdue announced that the USDA has made up to $1 billion in loan guarantees available to help rural businesses meet their working capital needs during the coronavirus pandemic. In addition, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA
Business & Industry (B&I) CARES Act Program. The USDA intends to consider applications in the order in which they are received. However, if the demand of funds exceed availability, the Department may assign priority points to projects.
Eligible applicants may contact their local USDA Rural Development
State Office in the state where the project is located.
Update from the IRS on the Economic Impact Payments:
“WASHINGTON – As Economic Impact Payments continue to be successfully delivered, the Internal Revenue Service today reminds taxpayers that some payments are being sent by prepaid debit card. The debit cards arrive in a plain envelope from “Money Network Cardholder Services.”
Nearly 4 million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check. The determination of which taxpayers received a debit card was made by the Bureau of the Fiscal Service, a part of the Treasury Department that works with the IRS to handle distribution of the payments.
Those who receive their Economic Impact Payment by prepaid debit card can do the following without any fees.
- Make purchases online and at any retail location where Visa is accepted
- Get cash from in-network ATMs
- Transfer funds to their personal bank account
- Check their card balance online, by mobile app or by phone
This free, prepaid card also provides consumer protections available to traditional bank account owners, including protection against fraud, loss and other errors.
Quick links to the Frequently Asked Questions on IRS.gov:
Economic Impact Payments:
www.irs.gov/eipfaq
Get My Payment tool:
www.irs.gov/getmypaymentfaq
Please go to
EIPcard.com for more information about prepaid debit cards.”
If there are any further questions, comments or concerns, please do not hesitate to reach out. I am always happy to be a resource!
Justin Anthony
Business Outreach Director
US Senator Mike Lee
(202) 603-4617