Treasury Secretary Mnuchin has asked congress for additional funding for the Payroll Protection Program (PPP). The PPP is a component of the CARES Act that seeks to alleviate the economic impact of the coronavirus. It is estimated that over 178,000 SBA 7(a) loans and over $50 billion in funding has been received since the program opened on Friday, April 3. The bill initially gave $350 billion for the PPP, and the new funding seeks to add $250 billion.
Many businesses and banks have encountered difficulties in submitting loan requests, and the additional funding would help lengthen the timeline for applications. As this current request for funding has not been passed, we will keep you updated on the status of SBA loans and other important financial legislation during this difficult time.
