Today, the Paycheck Protection Program and Health Care Enhancement Act was signed into law, allocating additional money to the SBA Paycheck Protection Program (PPP). PPP is providing much-needed relief and helping America’s small businesses make it through this challenging time.
In a joint statement, SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin announced the Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.
In the meantime, business owners and other eligible borrowers are encouraged to apply for the PPP with a participating lender so that their application is ready for processing. If you have already applied, contact your lender for application status.