UPDATE FROM SBA: Wednesday, March 31, 2021
As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration, said:
“Today, President Biden sent another strong message to America’s more than 30 million small business owners negatively impacted by the pandemic: help is here. By signing the PPP Extension Act of 2021 and the American Rescue Plan Act into law, the President is providing additional critical relief to the smallest of the small businesses – the mom-and-pop shops that line our Main Streets and keep our local and regional economies going.
“The leadership of the Biden-Harris Administration, working with leaders of the House Small Business Committee, Chairwoman Nydia Velázquez, and Ranking Member Blaine Luetkemeyer, Reps. Carolyn Bourdeaux and Young Kim, and Senate Small Business and Entrepreneurship Committee Chairman Ben Cardin, and Senators Jeanne Shaheen and Susan Collins, ensured a strong bipartisan vote to extend this critical relief to hard-hit small businesses. More than 8.2 million PPP loans have provided struggling small businesses with the relief they need to keep workers employed and make ends meets during this pandemic. The SBA remains dedicated to reaching the heart and soul of the nation’s urban, rural, and low-income communities – the smallest businesses – and removing barriers to access this vital relief.”
UPDATE FROM SBA : Wednesday, April 15, 2020
Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program
WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program:
“The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
“We 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.
“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.”
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, and disaster relief initiatives within the third federal relief bill has captivated the attention of business owners across the nation. One of the disaster relief initiatives, called the Paycheck Protection Program (PPP), has become available to small business lenders such as Small Business Assistance Corporation (SBAC) and FDIC insured banks. Right now, the participating lenders of the PPP are anticipating final guidance from the SBA to begin lending as soon as possible.
With this in mind, the Friday, April 3, 2020 start date for processing PPP applications has been delayed here at SBAC.
We want to reassure our community that we will be participating soon. We know that the PPP’s funds will be vital to our local businesses and we are working hard to ensure that we have all of the tools we need to start serving you right away.
While we are not accepting applications just yet, we will be following the updates to the PPP guidelines as they happen and we encourage you to check with your current banking institution on whether they are participating lenders or not. Feel free to check our website www.sbacsav.com for more updates on our lending status and when you can apply with u.
We thank you for your patience and understanding during this unprecedented time and please know that we are working for you.
Stay healthy and we look forward to serving you.