New PPP Funds Expected to Go Fast
With Congressional approval of $320 billion to replenish the Paycheck Protection Program this week, hopefully more small businesses will receive the money soon.
The initial round of funding ran out after two weeks after a crush of businesses requested help and public companies also tapped into the funds that were meant for small businesses.
According to a Wall Street Journal analysis, 150 public companies received nearly $600 million in loans from the SBA.
The Treasury has now declared that public companies must give the money back by May 7 if they want to stay in good standing with the Treasury Department.
Experts quoted by the Wall Street Journal say if you are already approved for a PPP loan but have not received the money yet, you should expect to see the money in seven to 10 days.
If you have submitted paperwork but have not received loan confirmation, you should be in touch with your bank regularly to find out the status of your loan. Once new Congressional funding is available to the SBA, they will begin accepting applications again.
However, there are so many applications pending, experts expect the money to be gone in a week or so.