The following reflects recent information shared by the U.S. Treasury and SBA pertaining to both the PPP Loans and the EIDL Loans:
- The PPP Loan program reached its limit of $349 billion yesterday and the SBA is no longer accepting new applications for the PPP Loan program until additional funding is approved by Congress.
- If you applied for the PPP Loan before today, that is not a guarantee that you will be approved. Banks have been overwhelmed with applications and may not have submitted your application to the SBA before the limit was reached.
- Most approved loans have not yet been funded.
- You will need to look to your bank for an update on the status of your loan. If you have applied, but have not been notified of approval, please confirm with your bank that either they are holding your application in anticipation of additional funding or require that you will have to re-apply when new funding is made available.
- If you have not applied yet, but had planned to, continue to check your bank’s website to see if the loan application portal reopens for new applications.
- The SBA Economic Injury Disaster Loan-COVID19 related assistance with the emergency (up to) $10,000 advance is also out of funding and currently not taking new applications.
- The SBA states that if you have already applied, your application is being processed on a first come, first served basis.
We will update you when additional funding has been approved and released by Congress. Negotiations continue and additional funding is expected!
Loan Forgiveness Support
If you have received loan approval and would like our assistance in creating a forgiveness plan, be sure to let us know after you have received funding*. Please include the amount and date of the funding, along with your bank forgiveness guidelines, in this communication. We will design a plan with you to ensure that all relevant information is being properly recorded and create a “forgiveness package” for submission. Please email this information to firstname.lastname@example.org specifying “Loan Forgiveness” in the subject line.
*BeanLab will be following up with all clients that have requested CARES Act support