PPP is Out of Funds

The SBA has announced that it has run out of money for most borrows. This announcement comes well before the planned May 31, 2021 expiration of the program. The SBA said in a statement it will continue to fund applications that have been approved.

There are still active programs that are currently taking applications for additional financial assistance for businesses affected by COVID.

• New applications for PPP loans made through Community Financial Institutions, which are financial lenders that serve underserved communities, can still be processed. Approximately $8 billion in funding was set aside for these businesses. 
• Applications are currently being accepted for grants which are available for businesses in the live events industry. 
• Applications are currently being accepted for grants under the Restaurant Revitalization Fund. 
• COVID-19 Economic Injury Disaster Loan (EIDL) applications are currently being accepted.
• For existing loans through EIDL, the SBA has increased loan limits for many businesses. Eligible borrowers should have received an email from the SBA with steps to follow.