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(Updated – 04/26/20) The PPP / EIDL / SBA Programs Are Now (Almost) Open To New Applications

CRITICAL UPDATE: As of Friday, April 24, the new bill authorizing $370 billion to the PPP and EIDL programs has been signed by the President and now we are waiting on the SBA to let us know when they will be processing new EIDL Advance applications. They have told banks that they will start processing new PPP applications on Monday, April 27 at 10:30am EST. Check here for the latest updates straight from the SBA. 

So we have new money in these programs: $310 billion for PPP and $60 billion for EIDL Loans and Advances. That came out last Friday. Important to note: current consensus is that this money will ONLY LAST BETWEEN TWO AND FOURTEEN DAYS. Please apply as early as you can.

Here is what the SBA has to say about this:

Additional Funding Notice: The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.

We will provide further information on the availability of the EIDL portal to receive new applications (including those from agricultural enterprises) as soon as possible.

Source: SBA Website

We will see if the EIDL and PPP programs open back up and we will see how long the money lasts this time. Stay tuned for updates when news, and guidance, changes.

Join the discussion One Comment

  • robertripps says:

    They also reneged on their promise of $10,000 in an email they sent on 4/14/20:

    “On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19 with the opportunity to obtain up to a $10,000 Advance on their Economic Injury Disaster Loan (EIDL). The Advance is available as part of the full EIDL application and will be transferred into the account you provide shortly after your application is submitted. To ensure that the greatest number of applicants can receive assistance during this challenging time, the amount of your Advance will be determined by the number of your pre-disaster (i.e., as of January 31, 2020) employees. The Advance will provide $1,000 per employee up to a maximum of $10,000.”

    So even if you applied before they closed it, believing you would get the $10,000, but now instead of the full amount, theoretically you will only get $1,000 per employee. If you are a sole proprietor, and do not pay yourself as an employee, you will only get $1,000. Or nothing.

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