The following are some updates on the Paycheck Protection Program, PPP, and other relief programs the SBA is administering.
More than 60,000 PPP loans approved in first week: The SBA has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Jan. 11 through Jan. 17. Only national details are available at this time.
PPP open to all lenders: The PPP is open to all participating lenders. If potential borrowers are seeking a lender, they can find one on the PPP Lender Lookup Map.
Shuttered Venue Operators Grant: A preliminary webinar providing high-level information about the Shuttered Venue Operators Grant is posted on SBA’s YouTube channel at https://youtu.be/PdfQGb6z-gg. Additional preliminary information on the SVOG program can be found will be updated as additional specifics are determined.
Targeted EIDL Advance: Per the Economic Aid Act, the Targeted EIDL Advance will be available, in general terms, to those who previously received an EIDL Advance of less than $10,000 and are in a low-income community or those who previously applied but received no funds due to lack of available program funding. In the coming weeks, the SBA will begin reaching out to those who qualify, so no action is needed from the potential recipients.
The agency’s focus remains on ensuring we are getting the economic aid out as quickly as possible to those eligible small businesses and other organizations affected by the COVID-19 pandemic. As always, if you have any questions, please contact me and I will get back to you as quickly as possible with the information we have available.