On April 23, 2020, the federal government passed a $484 billion package to re-fund the SBA PPP.
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As of April 16, the $349 billion authorized for the Paycheck Protection Program (PPP) under the CARES Act has been exhausted, and the Small Business Administration (SBA) is no longer accepting applications for PPP loans.
Loan applications received by banks but not yet submitted to the SBA will not be processed by the SBA. The agency has stated that it will not maintain a queue for PPP applications in the event additional funds are authorized.
As for banks, it varies whether they are still accepting applications, and it’s up to each individual institution whether it will keep a queue of applications received but not yet submitted to the SBA.
Members of the government have encouraged Congress to enact more funding for the PPP, but Congress has yet to do so.
We will continue to update you on the status of any further PPP funding, as well as alternative options to help your business weather the significant impact of COVID-19. Contact us to talk through what the best options for your business may be.