Stimulus Package Part 2

Some Good News: The U.S. Small Business Association will restart the government coronavirus relief loan program for small businesses on April 27, 2020. There is now an additional $320 billion available. The first round of funding ran out in just under two weeks. 

According to Bloomberg.com, many small business owners were shut out from financial aid after the initial program, launched April 3. Congress passed a relief bill that President Trump signed last Friday with more funding for the program and a separate disaster loan and grant initiative whose funding also expired last week.

There was some controversy about bigger corporations receiving funds from these loans, including The Shake Shack and Ruth’s Chris Steakhouse, as well as AutoNation. These and several other large organizations handed back their PPP (Paycheck Protection Program) loans after some criticism. 

What you need to know to apply: 

The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020, at 10:30 AM EDT.

You should be aware that the April 27th date is when SBA accepts applications from the lenders. In other words, any small business owner should get their applications into their chosen bank or lender as soon as possible.

There is also going to be a rather long queue, as there are still many applications that did not get processed in the first round. The SBA announced it will resume processing EIDL Loan and Advance applications that are already in the queue on a first-come, first-served basis. 

The SBA offers several relief options. It is best to go to the page and decide which relief program might work best for you and your business. Still not sure? Contact us. We are here to answer any questions you may have.