Paycheck Protection Program (PPP)

Paycheck Protection Program (PPP)

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 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.