PROGRAMS ON HOLD - PPP and EIDL
SBA processed more than 14 years’ worth of loans in under 14 days
The Paycheck Protection Program and Economic Injury Disaster Loans are saving millions of jobs, providing much-needed relief, and helping America’s small businesses make it through this challenging time.
As of Thursday, the SBA is currently unable to accept new applications for the PPP based on available appropriations funding.
Also, the SBA is unable to accept new applications for the EIDL COVID-19 related assistance program, including EIDL Advances, based on available appropriations funding. Applicants who already submitted their applications will continue to be processed on a first-come, first-served basis.
SBA Administrator Jovita Carranza issued this joint statement with U.S. Treasury Secretary Steven Mnuchin, stating: “The Paycheck Protection program is saving millions of American jobs and helping small businesses get through this challenging time. We urge Congress to protect millions more American workers and their families by appropriating additional funding to support PPP."
Additional Resources for Small Businesses
The SBA is committed to helping small businesses recover from the economic impact of COVID-19. Additional assistance includes:
Funding: SBA 7(a), 504, and microloans, on which the SBA is offering Debt Relief; or, SBA Express Bridge Loans.
Advising: The SBA Resource Partner Network for business resiliency readiness advising and training.
Tax Relief: IRS information about tax relief for businesses.
State resources: Emergency resources for Illinois businesses.
Visit sba.gov/coronavirus for updates on the loan programs, guidance for businesses and employers, and other SBA resources.
Follow @SBA_Illinois on Twitter.
E-mail questions to email@example.com.