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Home›Accounts›SBA to reopen replenished small business loan program on Monday | New

SBA to reopen replenished small business loan program on Monday | New

By Daniel Bingham
March 23, 2021
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Small businesses could resume applying for loans under the federal wage protection program, which aims to help workers displaced by the coronavirus pandemic, on Monday, the US Small Business Administration said on Friday.

The SBA will resume at 7:30 a.m. Pacific Daylight Time Monday, accepting PPP loan applications from approved lenders on behalf of any eligible borrower, SBA Administrator Jovita Carranza and U.S. Secretary to the Board said. Treasury Steven T. Mnuchin in a joint statement.

“The PPP has supported over 1.66 million small businesses and protected over 30 million jobs for hard-working Americans. With the additional funds allocated by Congress, tens of millions of additional workers will benefit from this critical relief, ”the statement said.

They encouraged lenders to process pre-submitted loan applications from eligible borrowers and to disburse funds promptly.

A $ 350 billion forgivable loan program approved by Congress and President Trump earlier in the pandemic was withdrawn soon after it opened. This week, they approved an additional $ 300 billion to replenish the program.

At least 130 Cowlitz County businesses managed to apply in time before the first program ran dry. Many other local requests are pending.

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