East County News Service
April 24, 2020 (Washington D.C.) – After the first round of Small Business Administration (SBA) funds for businesses impacted by COVID-19 ran out, Congress approved a new round of funding just signed into law by President Donald Trump.
The funding window for the new round of funding under the Paycheck Protection, which is designed to help small businesses retain workers, opens Monday morning and must be submitted through an approved lender. Applications previously submitted before the earlier round of funding runs out are also eligible for funding.
Administrator of the U.S. Small Business Administration Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today on the resumption of the Payroll Protection Program (PPP):
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.
The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT (7:30 a.m. PDT) 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.
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 Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time.
For more information on the Paycheck Protection Program, including how to apply and find an approved local lender, visit: sba.gov/paycheckprotection.