The SBA announced on Thursday April 16, 2020 that all funds for the Paycheck Protection Program (“PPP”) had been allocated and that the agency would no longer be accepting applications. According to the “Paycheck Protection Program Report” posted by the Treasury, the SBA approved 1,661,367 loans from 4,975 lenders in just over 14 days. The average loan size was $206,000. Congress and the treasury are still working to reach a deal to increase funding into the program to allow for additional applications.
Eligible businesses who were unable to complete their application before the cutoff should continue to collect the relevant information and coordinate with their banks for when additional funds are allocated for PPP loans.
Additionally, funding is still available through the Emergency Small Business Assistance loan program offered through Monroe County. Click here for additional details on that program.