SBA Now Taking PPP Loan Applications; New EIDL Applications are on Hold
The new $484 billion aid package approved by Congress includes $60 billion to renew funding for the Economic Injury Disaster Loans (EIDL) program and adds $320 billion to the Paycheck Protection Program (PPP). Those who were caught in the middle of the loan application process when funding ran dry need to know the following:
The Small Business Administration (SBA) resumed accepting PPP loan applications as of 10:30 a.m. EDT on Monday, April 27.
The SBA is currently not accepting new EIDL applications. However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. 3, your application remains in the queue and you do not need to reapply for a loan.
More information on the PPP and EIDL loan programs can be found here.
NAHB will be fighting for additional funding for the PPP and EIDL loan programs in the next congressional stimulus package.
For more information, contact Alex Strong at 1-800-368-5242 x8279 or Heather Voorman at x8425.
Tags: EIDL, Paycheck Protection Program, PPP, SBA, small business loans
i tried to apply for a ppp in the first funding but was told they were out of money, i applied last week when they said they were opening it back up, now im told they are not submitting it till they have worked through the previous ones haw do i get a application submitted
Just get an application IN so its in queue- Look up the top 10 PPP loan lenders and submit a couple. You can apply more than once as someone may get you through faster than another place- My own bank has had us rotting since April 3rd! Making better strides in other avenues.
Good Luck!
You can try sandy spring bank. They are accepting applications(new ones)
Best of luck
Please send me updates about the EIDL portal being reopened at I can file my grant application.
Thank you very much ~ Joanne Sutera
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I received my PPP funds last month and the $10,000 EIDL deposit last week. What should I expect now? The EIDL being a loan should I anticipate receiving loan documents prior to a deposit.
You can find additional information about the process here: https://www.sba.gov/page/disaster-loan-applications.
Paycheck Protection Program (PPP) is not the resolution of the latest coronavirus crisis. We should build a more resistent economy and business.