No more money in Paycheck Protection Program! So What Now?
Did you apply for the Paycheck Protection Program and did not receive any funds?
#1. Keep Applying – The CARES Act states that to be eligible for a PPP loan an eligible borrower need only apply between Feb. 15, 2020 and June 30, 2020. It is likely that more funding will be allocated! Don’t lose hope – Be Proactive! You want to be in line if more money is allocated!
Where to apply? Find a lender willing to keep accepting applications while waiting on the new funding. Newtek is one: https://partners.newtekone.com/caresact/business-lending/
#2. SBA Bridge Loan – Non-forgivable. You must apply through an SBA Lender already approved to issue Express Bridge Loans before the Disaster and meet other qualifications. https://www.sba.gov/partners/lenders/7a-loan-program/pilot-loan-programs
#3. Main Street Lending Program – ***NEW*** For companies with over $250,000.00 before interest, taxes, depreciation and amortization (EBITDA), a new lending program is under way by the Federal Reserve. No forgiveness is anticipated to be involved though. For more information visit: https://www.federalreserve.gov/monetarypolicy/mainstreetlending.htm
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