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.
The House passed additional PPP and EIDL appropriations on Thursday, April 23, 2020, and President Trump signed the bill renewing funding for these SBA emergency loans and grants on Friday, April 24. The SBA will soon open up its systems to accept new applications.
There will be overwhelming demand (as in the first round) and the ~$250 billion main pot of funding will likely be spoken for within 24 hours. Due to the stipulations of the second round of funding, an additional $60 billion in funds that can only be distributed via a specific subset of lenders (intended to reach a wider variety of businesses) will likely last a bit longer.
We will keep this article updated with additional information as the situation develops.
NOTE: THE DEADLINE FOR PPP APPLICATIONS HAS PASSED. NO MORE APPLICATIONS ARE BEING ACCEPTED AS OF AUGUST 8, 2020.
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.
If the PPP runs out of money, will I still get my loan funding?
If your PPP loan has already been approved, you will get your funding. When your loan is approved by a verified SBA 7(a) lender, you are assigned what’s called an E-Tran number. This effectively marks your funds as “spent” under the PPP program and prevents the SBA from approving loans for funding it doesn’t have allocated for use.
Want to know how much you may qualify for? Check out our PPP calculator
Once PPP loans are approved, it typically takes at least 10+ days for many banks to start delivering approved funds to businesses.
See why Womply is the #1 marketing and CRM solution used by 500,000+ businesses.
By submitting this form you agree to Womply’s Services Agreement
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!