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Update on The Paycheck Protection Loan SBA Program

 

As of yesterday, April 16th, 2020 the SBA has run out of money for funding of the Paycheck Protection Forgive able loan program and is not taking further applications. In addition, the SBA have stopped taking applications for the emergency $10k grant. See messages below that were posted on their website at www.SBA.gov .

 

EIDL $ 10k Grant

Notice: Lapse in Appropriations

SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.

 

Paycheck Protection Program Loan Program

Notice: Lapse in Appropriations

The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.

My understanding is that if your application was submitted and you received a loan number, then your funding will occur.

Congress is currently debating further funding round of another $ 250 billion as we speak.

Funding occurs on a first come first served basis. I have been advised that If your application remains in the que you have a better chance of getting funding than if you withdraw your application, when and if Congress approves the additional $250 billion in funding.

 

We are still scheduling virtual meetings for tax preparation, and for IRS and State tax issues.

Call our office at (248) 524-5240 or text (248) 522-1509 if you want to schedule a virtual meeting.

 

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