President Donald Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act on Friday, April 24. Importantly, the Small Business Administration resumed accepting PPP loan applications today at 10:30 a.m.
SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement Friday:
“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic. We want to thank Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working with us on a bipartisan basis to ensure that the Paycheck Protection Program is funded so that small businesses can keep hardworking Americans on the payroll.”
The SBA resumed accepting PPP loan applications at 10:30 a.m. today from approved lenders on behalf of any eligible borrower.
According to Carranza and Mnuchin, the PPP has supported more than 1.66 million small businesses and protected over 30 million jobs.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously,” said Carranza and Mnuchin in their statement. “All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.”
For more information on the Paycheck Protection Program, visit the SBA’s website.
As a reminder, the New York Credit Union Association also maintains its own SBA/PPP Resource Center for New York credit unions. Additionally, the Association is conducting a statewide survey to gain a better understanding of how credit unions assisted businesses during the first round of PPP funding.