Silicon Slopes SMB Series: Paycheck Protection Program (PPP) Deep Dive, Part 2
NOTICE: The Small Business Administration (SBA) announced Funding is Exhausted for the $350 Billion Small-Business Paycheck Protection Program as of April 16, 2020. SBA says it is unable at this time to accept new aid applications or enroll new lenders.
A $350 billion loan program for small businesses hurt by the coronavirus pandemic ran out of money Thursday morning as Republicans and Democrats continued to disagree over how to replenish the funds. Republicans want to approve $250 billion more for the loans, before moving on to other aid and stimulus proposals. Democrats want to make changes to the small-business program and include money for hospitals, state and local governments, and food assistance recipients alongside it. Squire is closely monitoring the situation and will provide updates as information becomes available.
What are my options? If you have already applied your loan is still in line and progressing through in the queue with hopes that Congress and the President will approve additional funds. As soon as Congress acts, hopefully by next week, to add $250B to the pot, it will move to the President’s desk for approval. Lenders will then be in a position to continue working through their remaining queue of loans. If you have not yet applied, you will be able to apply at that time.