Lending Limit for SBA Paycheck Protection Program Reached, Halting New Loan Applications
Updated: Jun 29, 2020
As of April 16,2020, the Small Business Administration (SBA), tasked with providing loans under the Paycheck Protection Program (PPP), announced it has reached the maximum loan limit authorized and appropriated by Congress. As such, the SBA is no longer able to accept any new loan applications for the Program or enroll new PPP lenders at this time.
BCC encourages qualified employers (those with 500 employees or less) to continue preparing the needed documentation for the PPP loan application, should the Program receive additional funds.
At this time, a deal hasn't been reached to replenish funds this week. Democrats and the Treasury Department are expected to continue negotiations behind closed doors.
The Enhanced Debt Relief is also available in SBA’s other business loan programs to help small businesses overcome the challenges created by COVID-19.
The Main Street Lending Program was deployed last week, providing loans to small and mid-sized businesses that have been affected by COVID-19, including companies with up to 10,000 employees and less than $2.5 billion in annual revenue.
BCC does not provide loans, financial advice or determine what an employer is eligible to receive. For further information or details on obtaining, completing and/or submitting applications for loans under the Main Street Program please contact your bank or existing lender.