• Raffi Garnighian

SBA Announces It Has Stopped Accepting Paycheck Protection Applications

Today, the U.S. Small Business Association ("SBA") stopped accepting applications for funding under the Paycheck Protection Program ("PPP"), as described under the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. The SBA stated that the $349 billion in funding provided by Congress under the CARES Act had been exhausted after it had processed over 1.6 million loan applications in the first weeks of the program.


While the SBA has urged Congress to increase the available funding for the program, no statement has been made suggested that such an increase will or will not occur.


Budletter will continue to monitor the situation as it further develops.


© Wysocki Law Group 2020. All rights reserved. All opinions published herein are those of the individual authors and are not to be construed as legal advice. Please contact Wysocki Law Group for any legal questions you may have in response to this article or any others.

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