Paycheck Protection Program (PPP) Funds Run Out: What That Means for You
The SBA announced today, April 16, 2020, that the initial $349 billion authorization for loans under the Paycheck Protection Program has been exhausted.
With the limit reached, the SBA is unable to approve new loans under the Paycheck Protection Program. Similarly, they are unable to enroll new PPP lenders at this time. Congress is currently negotiating over legislation that would provide additional funding for the program.
With many small businesses, independent contractors, and self-employed individuals still working on their loan applications or waiting on an update as to whether their loan is approved, this news is understandably stressful. We are continuously monitoring the situation and will have updates as soon as they are available.
Q: What can I do to be ready to file an application if funding is approved and are banks still accepting applications during this time?
A: Please check with individual lending institution on whether they are still accepting applications. Oasis can assist you with reporting for your loan application.
What You Can Do Now
If you are wondering what economic relief options are available as you wait on a PPP loan, we have a guide that provides details on the relief options available from COVID-19 related legislation.
If you already received PPP loan approval and are waiting on your funds to be disbursed, you may already be thinking about loan forgiveness. We’ve put together some tools to help you understand how to maximize your PPP loan forgiveness potential.