Congress on verge of bi-partisan approval of increasing the CARES Act PPP aid pool
The Congress is on the verge of bi-partisan approval of increasing the CARES Act PPP aid pool. Senate Majority Leader Mitch McConnell pressed ahead with his plan for a quick vote Thursday on a $250 billion boost in a small business aid program. McConnell has offered an amendment to the record $2.2 trillion pandemic response package to boost the total available to the Paycheck Protection Program for small businesses to $600 billion. It seems likely that that will happen, and maybe before this weekend. Also, the FED will soon be buying the PPP notes, which will provide more lending capacity to all banks.
Moreover, we have been told that PPP applicants can relax and the program will not run out of money. If you have already submitted with your bank, they may have your application in their holding queue and will be processing them as soon as the new funding and FED purchasing begins, probably next week. If you haven’t got much or any response from your bank yet, you are also able to apply elsewhere. Since there is a limited amount of funds approved by the SBA for the Paycheck Protection Program, you may want to apply elsewhere to increase your chances of receiving a loan before the funds run out. Here is the page on the SBA website to find a full list of participating lenders you can contact.
We admire business owners across the country for your strength and resilience. God Bless America.
PS: Here is a link to our last post to catch up.