The Small Business Administration says it will not accept new Payment Protection Program or Economic Injury Disaster Loan applications yet, even though the U.S. Senate yesterday passed a new $480 billion package that would replenish the program after funding ran out last week.
The House of Representatives is expected to approve the plan tomorrow.
For businesses who already filed their PPP or EID loan applications, the SBA does suggest—via recorded message—contacting the financial lender where the application is filed to find out the status of your loan if the House approves the new relief package.
"Applicants who have already submitted their applications will continue to be processed on a first-come, first-serve basis," according to the SBA's Arizona District Office pre-recorded message.
The White House and Congress reached an agreement on the $480 billion deal Tuesday, with $320 billion going directly to the SBA's PPP program. Another $60 billion will go toward the EID loan program and $60 billion more will go to smaller lenders and community financial institutions. The program will also add another $75 billion for hospitals as well as another $25 billion for COVID-19 testing.
For more information, contact the SBA at 1-800-659-2955 or by email at email@example.com