EIDL Program Resumes

04/27/20 • 15 min

Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin on the Resumption of the Paycheck Protection Program WASHINGTON – 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. WASHINGTON – Administrator of the U.S. Small Business Administration

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$484 Billion Approved But Where Is It? EIDL Updates As Of April 21st

Due to limited appropriations funding, the application portal for the EIDL–COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed. • Applicants who have already submitted their applications will continue to be processed on a firstcome, first-served basis. • SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business’s short-term working capital needs. • This is in addition to the EIDL Advance that small businesses and non-profits are eligible to receive as a result of the CARES Act.

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New Updates As Of April 30 For EIDL

With the additional funds appropriated by Congress, tens of millions of additional workers across the nation will benefit from this critical relief. •SBA encourages 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. Information is found online at www.sba.gov/paycheckprotection. SBA 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. EIDL • With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, firstserved basis.