Please note: This blog is current to the date of its publication, Tuesday, April 21. For additional updates or assistance navigating these uncertain times, please contact us or visit our SST COVID-19 resource page.
The Paycheck Protection Program (PPP), developed under the Coronavirus Aid, Relief and Economic Security (CARES) Act, provided loans to small businesses through the Small Business Administration (SBA) to cover essential operational costs such as payroll, rent and utilities. While the original act intended for loans to be disbursed through June 30, the $349 billion in allocated funds was quickly exhausted by April 16, less than two weeks after the application process opened, due to unprecedented demand.
Unfortunately, many small businesses were unable to receive assistance through the PPP before funds ran out. However, it’s being reported that additional PPP funds may become available in the near future.
Small businesses that did not receive assistance from the initial PPP disbursement are strongly encouraged to prepare a second application by gathering supporting materials and speaking with an approved lender as soon as possible.
COVID-19 assistance programs are comprehensive and can be complex to navigate, but SST is here to help. We’re closely monitoring any updates and encourage you to contact us with any questions or concerns.
Special thanks to SST Partner Bill Sims for providing the content for this post.