SBA Accepting New Applicants for PPP Loans

The Small Business Administration has resume accepting applications for PPP loans as of Monday, April 27 at 10:30 AM EST. Borrowers that have already applied will be back in contention and should be processed expeditiously. See below to learn more.

1. There is a tool that was posted on Treasury website that shows borrowers how to calculate payroll by industry with detailed step by step guidance. See the PDF here.

2. With the announcement that PPP opens at 10:30 AM EST on Monday/today, many have asked when EIDL portal opens. As of today, it is TBD when the EIDL portal reopens.

3. Here is a link to updated info on on PPP  posted on Treasury website. A lot has been updated since April 24. Look for the “FAQs” and the “Interim Final Rules."

4. Here are latest numbers on EIDL Advance and EIDL Loans. 

   1. EIDL Advance is at 1.2 million approved for 4.8 billion – NATIONWIDE

   2. EIDL Loans are at almost 39,000 approved  and 7.9 billion approved - NATIONWIDE

5. Finally, see below from SBA Headquarters Office of Capital Access to PPP Lenders:

Memo from Bill Briggs, SBA Headquarters Office of Capital Access

PPP Lending Operations Update – Sunday, April 26, 2020

Due to the unprecedented demand for Paycheck Protection Program loans by the nation’s small businesses and to ensure equitable access and system integrity, SBA and Treasury are taking prudent and reasonable steps to protect SBA’s loan systems for the next phase of PPP loan processing.

SBA and Treasury are implementing the following measures:

• Pacing the number of loans processed in the E-Tran system for participating lenders when processing resumes on Monday, April 27, 2020 at 10:30 am EDT;

• Instituting a maximum dollar amount at 10% of PPP funding authority that any lending institution will be able to originate, exclusive of the additional $60 billion preserved for lenders with assets under $50 billion (i.e. $60 billion cap);

• Implementing operational standards to ensure that lenders access PPP funds based on their asset size;

• Ensuring the Paycheck Protection Program continues to operate on a first-come, first-serve basis so that every small business has access to PPP loans to sustain their business and retain their employees; and

• Issuing the following guidance for lenders who have received a significant amount of loan applications.

• SBA and Treasury value all lenders and their small business customers and will continue to provide updates to the PPP lending community as loan processing resumes this week.

For more business resources, visit our COVID-19 Business Resources Page.

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