As of April 16th, both the federal Paycheck Protection Program (PPP) and the SBA’s Economic Injury Disaster Loans (EIDL) program have run out of money.
U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza, are urging Congress to “appropriate additional funds for the PPP to protect millions of workers’ paychecks.”
“The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need,” they said.
The SBA has processed more than 14 years’ worth of loans in less than 14 days. “The PPP is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses,” Mnuchin and Carranza said in the joint statement.
We will share more details as they become available. Please visit McCarthy & Company’s COVID-19 Resource Page for more updates.