On April 24, the SBA Paycheck Protection Program (PPP) received approval for an additional $310 billion in funding and the SBA has announced that they will again accept applications beginning Monday, April 27. This is great news for the nation’s small businesses. In anticipation of additional funding being approved, we continued to work on the applications we received prior to the SBA’s exhaustion of its initial funding on April 16.
We understand how important this money is to your business and employees. While we cannot guarantee that all of the existing applications will be approved, we will continue to work around-the-clock to process and submit existing applications until these additional funds are exhausted.
Unfortunately, we are not accepting new applications at this time as we focus on processing the preexisting applications. We’ll monitor the situation, and overall PPP funding, closely and may consider new applications in the future.
The SBA Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.
For more information on Paycheck Protection Program, please visit our COVID-19 Updates & Resources page