Dear business clients,
The Paycheck Protection Program (PPP) reached its funding limit of $349 billion on Thursday morning, just 13 days after lenders could start accepting applications. Many lenders reported being in the middle of submitting an application when the Small Business Administration (SBA) website shut down.
Congress has been working on a bill to appropriate additional funding for the PPP. Republicans and Democrats both appear to agree on funding an additional $250 billion, but differences remain on whether the bill should also provide more funding for hospitals and state and local governments.
Even though additional funding is uncertain, most lenders are still accepting applications and plan to submit them in the order received. We recommend still applying if you feel that you are a good candidate for a PPP loan.
Guidance was issued on how to determine the loan amount for farming sole proprietors the night before the funding limit was reached. Some questions remain, but most lenders are accepting applications from farmers.
Please contact us if you have any questions or need assistance applying for a PPP loan.
Van Bruggen & Vande Vegte, PC