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PPP and EIDL Update

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.