Vermont Business Magazine The Small Business Administration announced late Thursday afternoon that it is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program including EIDL Advances based on available appropriations funding and the SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Some of the local lending institutions are no longer accepting applications, while others are accepting but holding them pending possible further funding from Congress. The PPP began accepting applications on April 3, 2020.
According to CBSNEWS.com, the Senate is convening for a pro forma session later on Thursday, and Republicans and the White House support a "clean" bill to add funding to the $350 billion program, which was approved as part of the $2.2 trillion relief package that was signed last month by President Trump. The new bill would provide an additional $250 billion for the program.