As of Thursday morning, April 16th, the Small Business Administration announced it could not take new applications for the Paycheck Protection Program or enroll new lenders. The Congressionally-appropriated $350 billion in funding has been fully allocated. Applications for most small businesses began on April 3, 2020 and applications for sole proprietorships and independent contractors began on April 10, 2020. Debate continues among Congressional leaders as to a potential second round of appropriations for the program.
NOTE: An applicant will still receive the loan proceeds IF an applicant received confirmation from its lender that the application was approved by the SBA. Many lenders provide applicants with the actual SBA approval, including, Primary Borrower, Amount Requested and SBA Loan Number.
Mark L. Brasee
Neil P. Hassler
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