Please review a letter endorsed by the Chicago Chapter, NECA to Congress to continue appropriations to SBA
NECA Submittal to Congress -- Request for Continuance of Appropriations for SBA (COVID-19 related) /
Current Status of SBA Appropriations
ril 16, 2020
Please click on the link below for a copy of a coalition letter sent to Congressional Leadership regarding funding for the CARES Act - Paycheck Protection Program. NECA is urging Congress to act now to authorize additional funding for the Paycheck Protection Program so that these vital loans can continue to ensure that additional workers are able to keep their jobs and small businesses are able to avoid bankruptcy.
Please click on the link below for the full Statement by Secretary Mnuchin and Administrator Carranza regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program. Currently, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
The SBA website states: "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." Link to SBA site:(https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources)
The ECA will report any update(s) as made available.