On 04/23/20 the US House passed the interim stimulus relief package that was previously passed by the Senate on 04/21/20. President Trump is scheduled to sign it at noon on 04/24/20 and the SBA will again begin accepting PPP and EIDL applications on Monday, April 27.
If you have already submitted an application for PPP that was not previously approved, you should not have to submit another application. However, you may wish to check with your lender to reconfirm.
If you have not already submitted an application, reach out to your lender for an application. An updated list of locally approved lenders is available here. You may wish to fill out the application now and get all of your documentation together now so that you will be ready to submit it to your lender on Monday.
Paycheck Protection Program (PPP):
The bill includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships. One of the issues that the PPP faced in the first rollout of the program was that small businesses in under-served communities such as Citrus County struggled to compete with bigger businesses that had existing relationships with banks. This bill has “carve outs” to better support community businesses and lenders.
We are keeping our eyes open to see if there will be any new directives from the SBA as far as applying under the new package and will immediately let you know if we learn anything.
In the meantime, more Citrus County banking institutions are now SBA-approved lenders. An updated list is available on the Chamber website here.
If you have already submitted an application for PPP that was not previously approved, you should not have to submit another application. However, you may wish to check with your lender to reconfirm.
If you have not already submitted an application, reach out to your lender for an application. An updated list of locally approved lenders is available here. You may wish to fill out the application now and get all of your documentation together now so that you will be ready to submit it to your lender on Monday.
Paycheck Protection Program (PPP):
The bill includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships. One of the issues that the PPP faced in the first rollout of the program was that small businesses in under-served communities such as Citrus County struggled to compete with bigger businesses that had existing relationships with banks. This bill has “carve outs” to better support community businesses and lenders.
We are keeping our eyes open to see if there will be any new directives from the SBA as far as applying under the new package and will immediately let you know if we learn anything.
In the meantime, more Citrus County banking institutions are now SBA-approved lenders. An updated list is available on the Chamber website here.
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