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Resumption of the Paycheck Protection Program

Resumption of the Paycheck Protection Program


President Trump has signed legislation, passed by the U.S. Congress, that will provide an additional $484 billion in funding for various COVID-19 related programs.  Of the total, $310 billion will go to replenish the Paycheck Protection Program (PPP) while $60 billion will replenish the Economic Injury Disaster Loan (EIDL) program.  In order to ensure underserved communities are not overlooked, the legislation authorizes appropriations as follows:
  • At least $30 billion available for banks and credit unions between $10 - $50 billion in assets; and
  • At least $30 billion available for banks and credit unions less than $10 billion in assets, as well as community financial institutions.
The legislation includes funding to enable smaller types of businesses to access funding that may not have been obtainable previously. In a joint statement on the passing of the new legislation, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin expressed appreciation for the bi-partisan effort made by our legislators. 

“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.
“The Trump Administration is fully committed to ensuring that America’s workers and small businesses continue to get the resources they need to get through this challenging time.”


To that end, the SBA North Carolina District Office has provided a listing of North Carolina-based banks, credit unions, and community development financial institutions participating in PPP based on asset-size categories.  The listing will be updated as new lenders come on board.

LENDING INSTITUTIONS FOR FEDERAL AID

https://www.sba.gov/sites/default/files/resource_files/NC_New_PPP_Lenders_04.24.20.xlsx

In addition to North Carolina-based PPP lenders, the SBA continues to maintain its general listing of lenders.  This listing includes lenders active in SBA lending during the past fiscal year and includes many notable lenders not based in North Carolina.

https://www.sba.gov/offices/district/nc/charlotte/resources/sba-lenders-serving-north-carolina-small-businesses.
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