Bank PPP Loan Emails, Open at Your Own Risk…
Posting this a bit later in the day, I wanted to make sure that I had the most up to date information to share.
I have attended 3 webinars today, including a U.S. Chamber of Commerce Town Hall meeting where the discussion was focused on potential additional funding for both the Paycheck Protection Program (PPP) and EIDL, other small business grants.
“The PPP is out of money: On Thursday morning, the U.S. Small Business Administration announced that it had approved 1,661,397 loans, exhausting the program’s allotted $349 billion. It can’t accept or approve new applications unless Congress signs off on additional funding.
If your loan application has been approved, your money is likely on the way: Lenders are required by the Treasury Department to disburse funds within 10 days of your application’s approval. Here’s the link to the SBA report.
If you’re without a loan approval, where does that leave you?
We expect that there will be a new round of funds for the PPP’s so contact your banker if you have not heard back yet and make sure that you have submitted what they need.
As we expect that there will be a new round of funds for the PPP’s we recommend that you continue preparing your package and submit your application and support ASAP.
We are NOT counting on a replenishment for the EIDL program in the near future, but this may reemerge in a month or so, so don’t give up on this yet
The Federal Reserve’s new Main Street Lending Program could be a viable option for companies with gross revenue in excess of $10 million, with the minimum loan amount starting at $1 million with a 4 year term. Although Main Street loans can’t be forgiven, the interest rates are fairly low. The Fed has said that firms that have taken advantage of the PPP may also take out Main Street loans.
We have also been posting daily/weekly updates in our Covid-19 resource center, here is the link for that page on our website it seems that the news changes from day to day and hour to hour…
Better late than never, here is the link to the NYT Friday briefing…
We know this is a difficult time for everyone, but please remember we are here to help. We can help you navigate the issues the virus and it’s impact raises. If you have any questions or concerns at all, please don’t hesitate to get in touch via our office email.