The Payroll Protection Program, or PPP is back. While the first round quickly ran out of funds, Congress approved another round of funding, which includes more than $300 billion for small businesses across the U.S.
The application process will open back up on Monday.
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued a statement following the announcement.
“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,” they said. “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.”
Many businesses in the region and across Upstate New York were able to secure loans.
“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 duo added.
For more information on the Paycheck Protection Program, visit: sba.gov/paycheckprotection.