SBA Announces Loan Applications Are Closed
Filed under:Affordable Housing, Construction, COVID Updates, Dental, Family Business, FQHC, Healthcare, Nonprofit, Private Companies
On Thursday, April 16, 2020, the SBA announced that they are no longer accepting EIDL and PPL loan applications. The program is running out of funding.
The SBA’s announcement is below:
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.