17 Apr SBA PPP and EIDL Update, Additional Small Business Resources
SBA Processed More Than 14 Years’ Worth Of Loans In Less Than 14 Days
The Paycheck Protection Program and Economic Injury Disaster Loans are saving millions of jobs, providing much-needed relief, and helping America’s small businesses make it through this challenging time.
As of yesterday morning, the SBA is currently unable to accept new applications for the PPP based on available appropriations funding.
Also, the SBA is unable to accept new applications for the EIDL COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who already submitted their applications will continue to be processed on a first-come, first-served basis.
SBA Administrator Jovita Carranza issued this joint statement with U.S. Treasury Secretary Steven Mnuchin to “urge Congress to appropriate additional funds for the Paycheck Protection Program — a critical and overwhelmingly bipartisan program — at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.”
Additional Resources For Small Businesses
The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Additional assistance includes:
- Funding: SBA 7(a), 504 and microloans, on which the SBA is offering Debt Relief; or, SBA Express Bridge Loans.
- Advising: The SBA Resource Partner Network for business resiliency readiness advising and training.
- Tax Relief: IRS information about tax relief for businesses.
- State Resources: Ohio government COVID-19 response and programs
Continue to get updated information and resources at sba.gov/coronavirus
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