The Small Business Administration (SBA) announced today that based on available appropriations funding, it is unable to accept new applications for the Paycheck Protection Program (PPP) or the Economic Injury Disaster Loan (EIDL) program, including EIDL advances.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
If you’ve already submitted an application, you should work directly with your lender to find out whether you need to supply any requested documents to continue the process. You should also feel free to submit an application if your lender is still accepting them in anticipation of additional funding from Congress.
Congress is likely to make an effort to replenish these programs as part of the next stimulus package, and C.A.R. has written to Congress requesting that funding be increased for the PPP program as soon as possible.
Lastly, earlier this week California Labor Secretary Julie A. Su announced the California Employment Development Department (EDD) should be ready to have the Pandemic Unemployment Assistance (PUA) program up and running by April 28. PUA extends unemployment benefits to the self-employed and independent contractors. Once the system goes live, Su anticipates individuals will be able to receive payments within 24 to 48 hours of their applications being approved.
We will keep you updated as soon as we have new information.
Sincerely,
Jeanne Radsick
C.A.R. President