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.