List of Banks Accepting SBA Paycheck Protection Program Loans – Update 5/13/2020

Bank Building

The SBA started to accept applications from participating lenders for the Small Business Paycheck Protection Program (PPP) last Friday. The program has a feature for loan forgiveness if the borrower meets certain criteria. READ MORE: The SBA Paycheck Protection Program Round 2 Starts Today, Monday April 27 The loan forgiveness has made this $350 billion […]

Community Banks Moved Ahead of The Line For SBA PPP Funding This Evening

SBA PPP

Small businesses working with small community lenders moved ahead of the line this evening for about 8 hours in the SBA Payroll Protection Program (PPP) sweepstakes. In a tweet, SBA Administrator Jovita Carranza confirmed that the SBA is only accepting loan applications from smaller community banks and their clients until Midnight. To assist small community […]

The SBA Paycheck Protection Program Round 2 Starts Today Monday April 27

SBA Small Business Administration

Last week, Congress and the President approved an additional $310 billion for the SBA Paycheck Protection Program (PPP) as part of a $480 billion in additional coronavirus relief. The SBA announced it will take applications again for PPP loans on Monday, April 27, at 10:30am EST. Over the last week, the news has focused much […]

SBA Announces It is Out of Money for PPP Paycheck Protection and EIDL Disaster Relief Programs

SBA Small Business Administration

SBA has run out of funding for Paycheck Protection Progam (PPP) and EIDL (Economic Injury Disaster Loan) relief programs for small businesses. This was posted on Thursday on their website. Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance […]

American Institute of CPAs Urges Additional Funding for Paycheck Protection Program

American Institute of CPAs - AICPA

The American Institute of CPAs (AICPA) urges swift approval of additional funding for the SBA Paycheck Protection Program (PPP), a crucial initiative under the CARES Act to provide relief for small businesses and their employees. With reports that the PPP’s initial $349 billion pool of funds will be fully subscribed as early as today, the […]

SBA Report Suggests Paycheck Protection Program Will Be Out of Money This Week

SBA Paycheck Protection Program Loans

The Small Business Administration (SBA) provided an update on the Paycheck Protection Program (PPP) lending program. In the CARES Act passed by Congress to help with the current coronavirus (COVID-19) crisis economic meltdown, lawmakers allocated $350 billion towards the PPP loan program. Yesterday, the SBA issued an interim report showing about $246 billion in loans […]

IRS / SBA / U.S. Secret Service Warnings of Coronavirus Stimulus Scams And Phishing Attacks

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With the coronavirus stimulus packages passed in Washington, scammers and fraudsters see an opportunity to take advantage of people trying to make ends meet or keep their businesses afloat. Both the IRS, SBA, the U.S. Secret Service, and local, state, and federal agencies have issued warnings on coronavirus related scams and phishing attacks. IRS Warning […]

Another $250 Billion For SBA Paycheck Protection Program in The Works

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The SBA Paycheck Protection Program (PPP) that is part of the $2.2 trillion coronavirus relief legislation (CARES Act) may run out of money before many small businesses have an opportunity to apply for it. While the $349 billion PPP application windows opened just last Friday, and despite glitches and problems, banks are reporting an intense […]

SBA Paycheck Protection Program Plagued With Technical Problems

Small Business Administration (SBA)

The rapid rollout of the SBA Paycheck Protection Loan (PPP) program is plagued with technical issues, according to a report from NBC news. The primary problem is that computer systems between banks and the SBA are having problems communicating with each other. Banks have resorted to entering the borrower’s information manually into ETRAN, the SBA’s loan […]