Check your bank account for a deposit that starts with "SBAD TREAS"
SBA has been faster at delivering money than they have been at communicating about it. We've heard from tons of businesses that got EIDL money but never received an email about their application.
Entity type: Pretty much any "business" entity is eligible.
Size: The SBA has very clear size standards (based on employees or if you look at alternative size standards a combination of net assets and historical profitability). These are all objective criteria.
Affiliation: The Treasury & SBA intentionally loosened affiliation rules to INCLUDE the vast majority of VC-backed companies.
Credit elsewhere, collateral, personal guarantees: The Congress eliminated these requirements because they would limit and slow capital access.
The Treasury issued new guidance on Thursday in response to a loophole that allowed large companies (aka those that would not qualify themselves) to access PPP funding through their subsidiaries (which previously DID qualify under the law). This guidance is very clear: it applies to "large companies" (aka not "small businesses") and effectively closes the loophole. As a result many companies have returned their PPP loans, which was the intended result. (Q31 here https://home.treasury.gov/system/files/136/Paycheck-Protecti...)
You cannot apply for PPP loans with the SBA. You may have applied with the SBA under the EIDL program. If so, you should check your bank account--we've heard from many businesses that the SBA deposited money directly in the past few days.
No, that's not the goal. We aren't trying to monetize this. We are trying to be good corporate citizens and to help our customers, the country, and our market. We have unique data, expertise, and resources so we feel obligated to help out.
SBA has been faster at delivering money than they have been at communicating about it. We've heard from tons of businesses that got EIDL money but never received an email about their application.