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.

 

Authors: Mark BraseeĀ & Neil Hassler

Mark L. Brasee

Mark L. Brasee

Partner

(402) 978-5306
mbrasee@fraserstryker.com

Neil P. Hassler

Neil P. Hassler

Associate

(402) 978-5374
nhassler@fraserstryker.com

This article has been prepared for general information purposes and (1) does not create or constitute an attorney-client relationship, (2) is not intended as a solicitation, (3) is not intended to convey or constitute legal advice, and (4) is not a substitute for obtaining legal advice from a qualified attorney. Always seek professional counsel prior to taking action.