Less than two weeks after the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP), the funding has been exhausted. At the same time, the long-standing Economic Injury Disaster Loan (EIDL) SBA program has stopped taking applications for the EIDL program. Applications for both programs have far outpaced appropriations funding.
With the announcement from the SBA that the initial $349 billion in PPP funds have run out, many are undoubtedly concerned. For companies in the application processes, as well as those who had not yet begun, there is no need to panic.
We anticipate Congress will allocate another round of funds, possibly as early as next week. Once that happens, those who are prepared will have the advantage of moving forward quickly.
Businesses who missed the first round of funding should complete the following steps, so they are ready to act when new funds are released:
It is important to have a complete, accurate application ready for round 2 of funding. Use this time to your advantage by preparing.
Whether you received funds in round 1 or will seek funds in round 2 – proper planning on how to use the funds is key to receiving maximum forgiveness. HORNE can help guide you through the forgiveness process. Contact the HORNE team if you need assistance.
Stay tuned. We will continue to update you, as things will likely change quickly.