The Small Business Administration (SBA) has announced that it will resume accepting Paycheck Protection Program (PPP) applications from participating lenders on Monday, April 27, 2020 at 10:30 am EDT. The announcement comes following the April 23, 2020, passage by Congress of H.R.266, the “Paycheck Protection Program and Health Care Enhancement Act.” The President signed the bill into law on April 24, 2020. Among other appropriations to respond to the COVID-19 crisis, the bill adds an additional $310 billion in funding for the PPP. The initial $349 billion in funding was exhausted in less than two weeks following the launch of the PPP.
The second round of funding is expected to also be depleted quickly. Therefore, potential borrowers that failed to receive funding in the first round of PPP should contact their lender as soon as possible to confirm that their loan applications are active.
Michael D. Walker is a business, tax and estate planning attorney who has worked with individuals and small to medium-sized businesses for nearly 30 years. A careful listener, Michael skillfully guides his clients to meet the wide variety of legal challenges they face in our current complex world.