As you’ve probably read by now, the Small Business Administration’s $350 billion Paycheck Protection Program (PPP) has been fully funded and banks have stopped taking applications. A central piece of the coronavirus rescue law, PPP was overwhelmed by demand from the moment it launched, and the program has run dry as small businesses around the nation beg for relief.
As of this morning, the SBA reported that more than 1,637,000 loan applications valued at “over $339 billion” had been approved. Businesses with an assigned SBA loan number are included in the funding, even though loan documents have not been received or funding has not occurred. But, banks have stopped accepting applications.
Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza said in a joint statement today, Thursday, April 16, that the SBA has processed more than 14 years’ worth of loans in less than two weeks. As we continue to look for ways to save jobs and help small businesses make it through this challenging time, there are rumors that more money is coming, but that is not confirmed. If you haven’t applied yet, now is a great time to organize your information and get ready for the anticipated re-opening.
Please contact your GBQ advisor with questions.