The most current information from the SBA.
- Economic Injury Disaster Loan (EIDL) and Advance
Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
- Due to limited appropriations funding, the application portal for the EIDL–COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed.
- Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
- SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business’s short-term working capital needs.
- Paycheck Protection Program (PPP) – PPP reached it’s ceiling this morning and SBA is unable to accept new applications at this time.
- By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
- Here is the link to the release: https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/statement-secretary-mnuchin-and-administrator-carranza-paycheck-protection-program-and-economic