PPP and EIDL Update

April 17, 2020

PPP and EIDL Update

As of April 16, 2020, note the following updates regarding the Paycheck Protection Program and Economic Injury Disaster Loan:

PPP:

Officially out of money ($349 billion) as of 10 AM this morning (4.16.2020)
The money lasted less than two weeks.
From the SBA’s website: SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time."
Through April 13, 2020, more than 1.03 million loan were approved by over 4,600 lenders nationwide.

EIDL:

Out of funding.
From the SBA’s website: 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."

What’s Next:

There is a legislative standoff right now for more money.
Treasury Secretary Steven Mnuchin is in talks with Democrats today on Capitol Hill to try to reach an agreement to increase funding.
The Senate has a session at 3:00 ET today – a deal would need to be reached before then in order for money to be replenished this week.