Paycheck Protection Program is out of Money
Houston — April 16, 2020 Several news outlets are reporting this morning that the PPP has hit its $349 billion limit. If you already applied for a PPP loan and have been issued an SBA loan number, then funds have been allocated to you under the PPP; you should receive your funds and you will not be impacted by this news. If you have not yet applied for a PPP loan or you have not been issued an SBA loan number, you will now need to wait until Congress authorizes additional funds for this program. Senate Democrats last week blocked an additional $250 billion for the PPP that had been requested by the Treasury Department. According to CNBC, staffers for Senator Schumer and House Speaker Pelosi are expected to continue talks with the Treasury Department today about terms for any new funding for the PPP.
The SBA also issued the following notice for the Economic Injury Disaster Loan (EIDL): “Notice: Lapse in Appropriations: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
For additional questions about these programs, please contact Patrick Hayes.
Celebrating 30 Years in 2020
Founded in 1990, with offices in Houston and Austin, Andrews Myers, Attorneys at Law, is a corporate law firm and recognized market leader in Texas construction law. The firm focuses on the concentrated disciplines of commercial litigation, construction, commercial real estate, corporate and business transactions, with additional emphasis on related issues including bankruptcy and insolvency, energy, employment and capital formation. A seasoned team of attorneys provides timely and cost-effective solutions to the most complex problems facing entrepreneurs and middle-market industry leaders throughout the state and the nation. For more information please visit www.andrewsmyers.com.