New Federal Funds Revive the SBA’s Paycheck Protection Program and Disaster Loan Program
New federal funding has now been authorized for two SBA emergency programs for small businesses – the SBA’s Paycheck Protection Program and the SBA’s Economic Injury Disaster Loan Program. These programs ran out of money last week, and the new federal funds allow the programs to restart.
New Paycheck Protection Program Funding
The Paycheck Protection Program (PPP) received an injection of $310 billion to make additional forgivable loans to small businesses, including $60 billion set aside for smaller lenders such as community banks and smaller credit unions.
This new PPP funding is again likely to run out quickly. If you already applied for the PPP and have not yet received funding, or if you have not yet applied, contact your lender immediately.
Click here to find a local bank eligible to offer PPP.
Click here for more PPP information from the SBA.
New SBA Disaster Loan Funding
An additional $50 billion was authorized to restart the SBA’s Economic Injury Disaster Loan (EIDL) program. Furthermore, an additional $10 billion is now available to provide advance EIDL grants of $10,000. These advance funds on an EIDL loan do NOT need to be repaid. To access the advance grant, you must apply for an SBA EIDL and request the advance.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. If you have not already applied, click here for more EIDL information from the SBA and to apply.
Did You Apply?
We want to hear from you about your experiences to date in accessing the Paycheck Protection Program and SBA Economic Injury Disaster Loan. Were you successful in obtaining funding? Are you still waiting to hear back? If you didn’t apply, why not? If you are willing to provide feedback, please contact Katharyne Starinsky at Katharyne.Starinsky@shakeronline.com or 216-491-1335.