The PPP ran out of its initial funding, but congress has approved an additional $320+ billion in a second round of funding. President Trump signed the bill approving a second round of coronavirus relief on Friday, April 24, 2020, and the SBA will open the system for more PPP and EIDL loan applications as soon as possible.
IMPORTANT UPDATE: On June 5, 2020, President Trump signed into law new updates to PPP loan forgiveness requirements, extending the covered period to 24 weeks, reducing the minimum loan funding that must be spent on payroll to 60%, and easing the requirements for maintaining staffing and compensation levels. Please read the details here.
If you haven’t yet applied for your emergency COVID-19 disaster relief funding, you should submit your application ASAP.
The Paycheck Protection Program’s initial $350 billion in forgivable loans was spoken for as of April 16, 2020, according to the U.S. Small Business Administration. Approximately 1.5 million businesses were been approved for the first round of forgivable PPP loans.
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Has all the PPP money been spent / allocated?
As of April 16, 2020, the original allotment of $350 billion dedicated to the Paycheck Protection Program for small business loans ran out. The Senate approved an additional (round 2) influx of about $320 billion on April 21, Congress approved it on April 23, and President Trump signed the bill on Friday, April 24, 2020.
As of the 16th, only a very small percentage (less than 10%) of approved loans had been funded, by our estimation. It often takes 10+ days for many banks to start delivering approved funds to businesses.
With the new influx of funds, there is sure to be a crush of fence-sitters finally deciding that it’s time to get their applications in for a PPP loan.
Womply has partnered with various trusted lenders to offer you the best possible rates on small business funding. Whether you need a term loan, a line of credit, or another type of small business capital, we can help! Click here to learn more.
Can I still apply for the EIDL grant program?
The EIDL program also quickly ran out of money under the first round of CARES Act funding. However, the EIDL grant program has been re-funded with $10 billion as of 4/23, and an additional $50 billion has been allocated for SBA emergency disaster loans. So if you want to get your share of EIDL money, we recommend you APPLY NOW.
Recommended PPP next steps
If you have not yet applied for a PPP loan, we recommend you submit your application immediately. The revised deadline is August 8, 2020.
IMPORTANT: Every business seeking PPP funding needs to get an accurate, complete application approved by a verified SBA 7(a) lender in order to be assigned an E-Tran number. This acts as a virtual place in line to receive PPP funds. If you want a shot at PPP funding in the event the program receives additional federal money, you need to follow these steps to save your place in the queue.
If you started but did not complete your application through a Womply affiliated SBA lender: Please follow the instructions in the email you received to complete your application.
If you have completed your application through a Womply lender: Please wait while they process your application. We’ve deployed our support team to augment our lenders’ staff so we can process applications faster. But we’ve asked our team to stop providing individual status updates unless we actually need you to fix something in your application. Given the millions of businesses scrambling to apply, we feel it’s preferable to process your loans efficiently rather than spending time providing status updates. We will continue to provide general updates here.
Womply can help you get the small business funding that’s right for you
Womply has partnered with various trusted lenders to offer you the best possible rates on small business funding. Whether you need a term loan, a line of credit, or another type of small business capital, we can help!