Paycheck Protection Plan and Economic Injury Disaster Loan Emergency Advance Run Out of Funds

Published in Member Communities on April 16, 2020

Thursday morning it was announced that the Small Business Association’s (SBA) “Paycheck Protection Program” (PPP) had run out of funds. According to the SBA website, the agency is “currently unable to accept new applications for the PPP based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time."

Additionally, the Economic Injury Disaster Loan Emergency Advance is no longer accepting new applications. According to the SBA website “applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.”

The federal government is looking at adding more dollars to that fund so that additional businesses that still need assistance can get it. We would still recommend reaching out to an approved lending institution to at least begin the application process if you have not already done so. If additional funds are added, you will already have the application process completed.
 

From Our Experts

The World of HME from the Perspective of Industry Leaders thumbnail The World of HME from the Perspective of Industry Leaders When analyzing what the next generation of post-acute homecare will look like, it's important to understand what key leaders in the industry are saying. A Note from the VP, Jim Greatorex: July 2024: A Mid-Year Reflection thumbnail A Note from the VP, Jim Greatorex: July 2024: A Mid-Year Reflection As we bask in the warmth of summer, it's the perfect time to reflect on the first half of 2024. This year has been marked by the initiation of ambitious projects. VGM Live at Home Member Spotlight: LiveWell Mobility and Modifications thumbnail VGM Live at Home Member Spotlight: LiveWell Mobility and Modifications Nate Davis, CEO of LiveWell Mobility and Modifications, discussed their recent project with the Cobbs family, a shining example of their dedication to enhancing lives through thoughtful home modifications. What's Next for CRT? Insights from Next Generation of Leadership thumbnail What's Next for CRT? Insights from Next Generation of Leadership The future of complex rehab technology (CRT) is emerging. As technology continues to evolve, so does the field of CRT. Advancements in Respiratory Technology: Shaping the Future of Patient Care thumbnail Advancements in Respiratory Technology: Shaping the Future of Patient Care The field of respiratory care is rapidly evolving, driven by technological innovations that promise better patient outcomes and enhanced quality of life. A Note From the President: Stars and Stripes and Leveling Up thumbnail A Note From the President: Stars and Stripes and Leveling Up As we step into the month of July and honor the red, white, and blue, let's also reflect on the principles of resilience, innovation, and unity that drive our industry forward. Advancements in Respiratory Technology: Shaping the Future of Patient Care thumbnail Advancements in Respiratory Technology: Shaping the Future of Patient Care The field of respiratory care is rapidly evolving, driven by technological innovations that promise better patient outcomes and enhanced quality of life. Breaking Into the Wound Care Space: How to be Successful in the Dressings Market thumbnail Breaking Into the Wound Care Space: How to be Successful in the Dressings Market To be successful in the wound care market, consider this five-step approach to breaking into the wound care space.