UPDATED – Payroll Protection Program (PPP)
UPDATE
You may have seen news reports that the Paycheck Protection Program funding has been exhausted. Per the SBA website, “The SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.”
That is troubling news for many business owners who have not yet applied. However, this DOES NOT mean that if you haven’t received funding, you’re out of luck. It just means that the SBA has stopped receiving new applications. If you have already submitted, there is still a good chance that you will still be eligible to receive funding. Be patient, and check on the status of your application with your bank regularly.
There are also reports that talks and negotiations are currently underway regarding additional funding. Many lenders are still accepting applications with the expectation that if more funds become available, they will have everything ready for SBA submission. If you have not yet applied and your bank will accept your application, we encourage you to do so. In addition to applying with your own bank, it might not be a bad idea to submit to someone like Lendio, Divvy or Kabbage. They are working with many lenders and trying to get as many processed as possible.