COVID-19: Update on the SBA’s Paycheck Protection Program and Economic Injury Disaster Loan Program.
The COVID-19 pandemic is not showing signs of slowing down anytime soon. As this is happening, neither is the approved initial Paycheck Protection Program and Economic Injury Disaster Loan going to sustain. All small businesses throughout the extension of the ‘stay home’ period.
Therefore, U.S. Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza. Issued a statement urging Congress to appropriate additional funds for the Paycheck Protection Program.
In time for the following reasons;
- There are legal implications that will see the program not being able to continue beyond an initial lapse of the program. With regard to this, the statement said. “By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.”
- All small businesses. Which are supposed to benefit from the program, are yet to do so as revealed by the statement. Which stated that “We want every eligible small business to participate and get the resources they need.”
- The SBA has processed more than 14 years’ worth of loans in the past two weeks. And the phenomenal number of applicants calls for an urgent expansion of the program. So that gains of the initial phase will not be crowded out by huge expenses that could result from the abandonment of the program.
On the back of this. it is clear that small businesses need to keep on getting updated information about the Paycheck Protection Program. For such, you can get in touch with us so that we get your details for our timely updates.
Ps: If you have a question about what is happening and what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with your Dave Ramsey Endorsed Tax Accountant.