Paycheck Protection Program is out of Money

Paycheck Protection Program is out of Money

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.

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