COVID-19: SBA Administrator & Treasury Secretary issue joint statement on PPP

Ppp Loan Picture Id1218894362WASHINGTON, D.C. – Today, President Trump signed into law H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act. The bill provides an additional $321 billion for the Paycheck Protection Program (PPP).

The U.S. Small Business Administration (SBA) and U.S. Department of Treasury have been working together to provide guidance on the roll out of the program.

SBA Administrator Jovita Carranza and Treasury Secretary Steve Mnuchin released a joint statement:

“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 Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.

“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.

“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. 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.

“The Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time.”