SBA Exhausting PPP Funds

Although the Small Business Administration (SBA) is slated to continue taking applications for the popular Paycheck Protection Program until the end of this month, it appears the agency has exhausted its funds for most lenders.  The SBA acknowledged earlier this week that it was not accepting applications for new loans from most lenders – but…

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House Votes to Extend PPP

On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP).  The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the…

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SBA Launches Targeted EIDL Program

The US Small Business Administration (SBA) this week officially relaunched the Economic Injury Disaster Loan program (EIDL) under its new name: Targeted EIDL Advance. Part of the initial CARES Act in 2020, the program quickly exhausted its funding, but was replenished back in December with an infusion of additional funds along with more targeted eligibility…

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SBA Extends EIDL Program

Back a week before Christmas, the Small Business Administration (SBA) announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021. To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury…

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SBA Releases EIDL Details

The U.S. Small Business Administration (SBA), which managed the Economic Injury Disaster Loan Program (EIDL) as well as the Paycheck Protection Program (PPP) among other loan programs, released detailed information about both EIDL and PPP earlier this month in accordance with a court order. The programs, both of which were designated in early March to…

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SBA Must Release PPP Loan Recipients

A federal judge has given the Small Business Administration (SBA) until next Thursday, November 19, to release the names of all businesses that received loans under the Paycheck Protection Program. Washington DC-based U.S. District Court Judge James Boasberg ruled that borrower information – including the loan amounts from the Paycheck Protection Program (PPP) as well…

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SBA Disaster Loan Funds Runs Dry

As the Senate continue to debate next steps in terms of new coronavirus relief actions, a part of the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program has run out of advance monies. The EIDL program, which was funded to the tune $20 billion in the CARES Act, provides that businesses that apply for…

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