SBA Processed More Than 14 years’ Worth of Loans in Less Than 14 days

April 17, 2020 | By Mike Freeman

 

 

The Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs are saving millions of jobs, providing much-needed relief, and helping America’s small businesses make it through this challenging time.

As of this morning, the SBA is currently unable to accept new applications for the PPP based on available appropriations funding.

Also, the SBA is unable to accept new applications at this time for the 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.

SBA Administrator Jovita Carranza issued this joint statement with U.S. Treasury Secretary Steven Mnuchin to “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.”

 

Additional Resources for Small Businesses

The SBA and local partners are committed to help small businesses recover from the economic impact of COVID-19. The following are additional resources for small businesses: