Paycheck Protection and EIDL Programs Funding Exhausted
by John Peiffer and Maggie Beecher
Funds available for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) have been exhausted, according to a statement posted on April 16, 2020 on the Small Business Administration (SBA) Coronavirus Small Business and Loan Guidance page.
The notice on the SBA website states the following:
Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
The SBA and Department of Treasury issued a joint statement on April 15, 2020, urging Congress to move forward to replenish the loan programs.
Congress has expressed a commitment to provide additional appropriations for one or both of these programs. However, Congress has not yet acted because Democratic and Republican leaders disagree on what issues should be addressed in the new appropriations bill. Negotiations are ongoing.
This blog, And God’s First, will be updated with new posts when additional information becomes available.