Raich Ende Malter and Co LLP issued the following announcement on April 16
Application, CARES Act, COVID-19 Update, Disaster Relief, SBA, Paycheck Protection Plan
The Small Business Administration has announced on their website that they have already reached the $349 billion capacity for loans approved by Congress and signed by President Donald Trump in March:
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 program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
REM is monitoring the situation. Other programs are still available, including the Main Street New Loan Facility (click here for details). Click here for a list of other available options from the SBA website.
This is an ongoing series of updates provided to help businesses attain financial aid to offset loss of revenue due to the COVID-19 pandemic. Previous articles in this series can be found here.
Original source can be found here.
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