SBA Reopens PPP Loan Applications Monday, April 27

On Friday, April 24, 2020, the U.S. House passed the Paycheck Protection Program and Health Care Enhancement Act, a $484 billion bill that will replenish the Paycheck Protection Program. This supplemental relief package includes:

  •  $310 billion for the Paycheck Protection Program (PPP)
  •  $60 billion for the Economic Injury Disaster Loan program
  •  $75 billion for health care providers 
  •  $25 billion for COVID-19 testing

As a result of the Enhancement Act, the SBA began accepting PPP loan applications again on Monday, April 27, 2020, from approved lenders on behalf of eligible borrowers. The SBA has advised approved lenders to resume processing loan applications that were previously submitted by eligible borrowers as well as new applications, and to resume disbursing funds. The initial $349 billion was depleted in less than two weeks. We encourage prospective borrowers to work quickly with an approved lender to complete and submit their applications.  Approved applications are funded on a first-come, first-served basis. We recommend borrowers check with their lenders on the status of their pending application and, if no application has been submitted, submit their application when their lender’s application portal reopens.