The challenges for certain Atlanta business owners continue to grow as the Small Business Administration (SBA) announced on April 16, 2020, the Paycheck Protection Program has exhausted it’s initial funding of $349B for COVID-19 business relief. This news comes in a week when both the Treasury and SBA published updated guidance for self-employed individuals, partnerships, and affiliate companies. Although there have been many challenges with implementation, there have been over 1 million loans issued with an average of $239,152. However, those that have submitted their application through a lender but have not been submitted to the SBA for processing will not have their loan funded. In addition, there will be no priority given to these applications in the future to maintain the first-come, first-serve nature of the program.
The good news is Congress and Treasury are currently negotiating an additional $249B in funding for the program. Since the demand for these loans is high, it is important to compile loan applications and documents now to be prepared should the program be re-activated. If an application was submitted through a lender, it is a good idea to reach out and determine if it was received by the SBA.
Wilson Lewis will continue to monitor the situation and provide updates as they become available. If the interim, if you have questions or need assistance with a COVID-19 issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us.
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