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