By: Robert G. Tweel
The Senate approved $483 billion for the Paycheck Protection Program offered through the SBA, and the House is expected to vote later this week. Any application denied because of lack of funds or not submitted, should be resubmitted immediately. Note, some banks are still processing first round loan applications, so if you had not heard anything from your bank, you should confirm your application is still in process and will be eligible to receive these funds.
Of the $483 billion, $60 billion is specifically set aside for smaller lending institution to try to provide funds to small businesses and another $60 billion for the for the Economic Injury Disaster Loan (EIDL) program.
Finally, the prediction is that these funds will run out as quickly as the first round did, around two weeks time.