April 16, 2020 ~ Update
Ryan Lambert, Intergovernmental Affairs Officer for the U.S. Small Business Administration (SBA) has provided a statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program.
Currently SBA has issued a Lapse in Appropriations Notice. SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
This powerful resource is critical to the recovery of many small businesses.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first served basis.
Further noted was: “SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses. By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations. SBA is urging Congress to appropriate additional funds for the Paycheck Protection Program.”
An additional $2.5 Billion has been proposed for use by qualifying SBA loan applicants.
In the interim, LEDBizloan.com remains an option. If your lending institution(s) are not participating in the program currently, there remains capacity in the program. Lenders are encouraged to contact LED’s Kelly Raney for additional information ([email protected])
Don Pierson
Secretary
Louisiana Economic Development
T 225.342.5388
F 225.342.5349
