SBA to Resume Acceptance of PPP Loan Applications Monday | Business
The Small Business Administration will begin accepting paycheck protection program loans next week after President Donald Trump signed a $ 480 billion relief plan on Friday, according to a joint statement released by the SBA and the department. American Treasury.
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 am EDT from approved lenders on behalf of any eligible borrower,” the statement said. “This will ensure that the SBA has correctly coded the system to account for changes made by law.
The SBA recently established new guidelines to help ensure that small businesses will receive this round of funding, not publicly traded companies. Under the new guidelines, companies will be required to certify that they have no other sources of funding (such as the ability to sell company stock) and are unable to obtain a loan from a financial institution to be eligible.
In addition, the SBA is also urging large companies to return money received in the last $ 350 billion PPP loan disbursement – which ran out in two weeks – or come under scrutiny. to find out if they have performed the required certification in good faith. Companies with other means of obtaining financing and having accepted a PPP loan will have until May 7, 2020 to repay their loan in full without further investigation from the SBA.
“We encourage all approved lenders to process previously submitted loan applications from eligible borrowers and to disburse funds promptly. All eligible borrowers who need these funds must work with an approved lender to apply, ”the statement said. “Borrowers should carefully review PPP regulations and guidelines as well as the certifications required to obtain a loan. “
For more information on the Paycheck Protection Program, click here.