Small Business Administration accepting
Paycheck Protection Program (PPP)
applications for the new round of funding
beginning today, Monday April 27 starting at 10:30 am
The SBA will begin accepting Paycheck Protection Program (PPP) applications for the new round of funding beginning Monday April 27, 2020 at 10:30 with an increase of the Paycheck Protection Program (PPP) funding by $310 billion and Economic Impact Disaster Loan (EIDL) funding by $60 billion. Additionally, $75 billion was provided for our hospitals and health workers on the front lines and $25 billion has been provided for nationwide testing.
Paycheck Protection Program (PPP)
If you applied for the Paycheck Protection Program (PPP) and have not received a confirmation email from your lender, you should follow up with your lender for a status update.
- Contact your lender to see if you need to resubmit your PPP application
- For general questions you can contact the SBA PPP dedicated line at 1-833-572-0502
If you are having difficult accessing the PPP with your lender, you can find a list of all eligible lenders based on your zip code
here
. Additionally, certain online lenders like
PayPal
are accepting PPP applications.
The eligibility requirements for the PPP have not changed.
Additional Funds and Fixes to the Paycheck Protection Program (PPP)
The Paycheck Protection Program and Health Care Enhancement Act strengthens the PPP by prioritizing America’s smallest businesses, including minority, women, veteran, and rural businesses by:
- Increasing the appropriation level for the Paycheck Protection Program from $349 billion to $670 billion;
- This section adds $310 billion for loans and an additional $11 billion for administrative fees.
- Directing $60 billion be distributed through Community Financial Institutions, defined as Community Development Financial Institutions (CDFIs), minority depository institutions (MDIs), certified development companies, microloan intermediaries, and State or Federal Credit Unions. The amounts are split:
- $30 billion for banks and credit unions, including minority depository institutions (MDIs), with more than $10 billion in assets but less than $50 billion in assets that are PPP lenders; and
- $30 billion for banks and credit unions with less than $10 billion in assets, as well as all Community Development Financial Institutions (CDFIs), MDIs, certified development companies (CDCs), and microlenders that are PPP lenders.
- This set-aside does not prohibit these community lenders to access additional PPP funds available to all lenders.
Please see the announcement about the webinar below
Webinar: Coronavirus Relief for Small Businesses
Join SBA's Illinois District Office for an online training on the SBA's relief programs for small businesses, sole proprietors, the self-employed, and independent contractors, impacted by COVID-19, including the Paycheck Protection Program. Click the event title to register; each webinar has space for everyone and will not sell out. Log-on information will be sent in your email confirmation and through Eventbrite's Digital Links page.
