As of April 16, 2020, the Small Business Administration (SBA), tasked with providing loans under the Paycheck Protection Program (PPP), announced it has reached the maximum loan limit authorized and appropriated by Congress. As such, the SBA is no longer able to accept any new loan applications for the Program or enroll new PPP lenders at this time.
SISCO encourages qualified employers (those with 500 employees or less) to continue preparing the needed documentation for the PPP loan application, should the Program receive additional funds.
Treasury Secretary, Steven Mnuchin, and Democrats will reconvene Thursday to try and reach agreement on a package that will immediately increase funding for the Program. The Senate meets for a pro forma session at 3 p.m. ET. A deal must be reached prior to this session in order for an opportunity of funds to be replenished this week. Democrats and the Treasury Department are expected to continue negotiations behind closed doors.
SISCO does not provide loans, financial advice or determine what an employer is eligible to receive. For further information or details on obtaining, completing and/or submitting applications for loans under the Main Street Program please contact your bank or existing lender.