If you know a small business owner and operator still searching desperately for financial relief after being shut out in the opening round of the Paycheck Protection Program, don’t bother trying to talk to them Monday morning. They’ll be busy trying to gain some traction in round two. If you are a small business owner still in search of that option, the Small Business Administration will resume accepting loan applications tomorrow morning, Monday, April 27th, at 10:30am EDT from approved lenders on behalf of any eligible borrower.
In a joint statement Friday by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin they addressed the resumption of the Paycheck Protection Program.
Here’s what they had to say:
“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.
“The Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time.”
Loans in the first round of PPP ran on average at $206,000 per loan, however nearly three quarters of them (74-percent) were for less than $150,000. In Michigan, 43,500 companies were successful in the that first round.
For more information on the Paycheck Protection Program, visit online at the link below:
