Economic Injury Disaster Loans (EIDL)
As of April 16, 2020, the Small Business Administration (SBA) noted on its website that it is currently no longer able to accept new applications for the Economic Injury Disaster Loan (EIDL) assistance program (including EIDL advances) based on available appropriations funding.
Please note that if you have already submitted your application, that the SBA is continuing to process those applications on a first-come, first-served basis.
Paycheck Protection Program (PPP)
The SBA announced on April 16, 2020, that the $349 billion authorized to the Paycheck Protection Program (PPP) is exhausted, and that they are currently not accepting new applications for PPP loans.
Please note that loan applications received by banks, but not yet submitted to SBA, are not able to be completed at this time. The SBA is not maintaining a queue for PPP applications in the event additional funds are authorized. Loan applications that have received an SBA authorization number will receive an SBA guaranty.
Several organizations are advocating the federal government to authorize new PPP funding to meet the payroll needs of small businesses during the coronavirus pandemic. We encourage small business owners and their customers to reach out to their elected representatives and stress the importance of increased and immediate funding for these programs.
Our professionals remain vigilant of all news related to relief options for businesses during this time and will continue to provide timely updates. As always, we encourage you to reach out to your CRI advisor with any questions specific to your personal situation. Check CRIcpa.com often for more updates affecting you and your business during the COVID-19 pandemic.