Statement from SBA and Treasury: “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/joint-statement-sba-administrator-jovita-carranza-and-treasury-secretary-steven-t-mnuchin-resumption
Today President Trump signed into law the PPP and Health Care Enhancement Act. The Act provides additional funds for the PPP loans setting aside $60 billion exclusively for community banks. Just prior to depletion of the PPP funds on April 16 the program opened up to alternative sources of funding through non-banks such as Bluevine, Lendio, PayPal, Square, Kabbage, Intuit, etc. The nonbanking institutions are ideal for the sole proprietor with or without employees.
If you have an application in from the previous round of funding but have not heard regarding the status, attempt to contact your lender to get an update. You need to know if there is information missing or requiring correction. Also, are you still in line for this next round of funding? In other words WHAT IS GOING ON WITH MY LOAN APPLICATION? If you aren’t successful communicating with your bank try submitting an application through one of the alternative funding sources mentioned above. Keep in mind you are only entitled to 1 PPP loan per business. But if you aren’t proactive now you could miss out on this next round of funding (and likely the last).
Once funding of both programs resumes there will be a mass of applications for both. The EIDL program has been funded with ~$10 billion – much less than the PPP $300 Billion + so be ready to act quickly.
The Economic Injury Disaster Loan Emergency Advance (EIDL) should be monitored constantly starting early Monday.https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance.
