The latest updates shared from the Small Business Development Center at UAlbany.
SBA Disaster Program Application Suspension: The SBA has suspended NEW applications under the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL Loan) and Economic Injury Disaster Loan Advance (EIDL Advance), pending new appropriation funding from Congress. z
The SBDC is expecting these programs to re-open once Congress appropriates more funds to the programs.
Paycheck Protection Program (PPP) - What you Need to Know: If you have already submitted a Paycheck Protection Program application with a lender:
If your loan has been approved with an SBA set-aside #, your loan was approved under the initial Cares Act appropriation. The funds will be dispersed in accordance with the lender's closing process.
If you have submitted an application with a lender and received an internal lender approval without a SBA approval and set-aside number, check with the lender on the status of your application.
If you have submitted an application with a lender and have not received a communication from the lender related to the loan approval, the lender will not be able to process those loans at this time.
z If you have questions related to your application, contact the lender with which you applied. z If you have not yet submitted your application with a Paycheck Protection Program lender, the program has been suspended and the lender will not be able to accept new applications under new funds are appropriated to the program.
Economic Injury Disaster Loan EIDL and Economic Injury Disaster Advance (EIDL Advance) - What you need to know: z The EIDL Loan and EIDL Advance are a single application for both programs. If you applied on or after March 31st, you have applied for both programs. If you have already submitted your application for the EIDL Loan and Advance and received a confirmation number, your application is in the SBA queue.
There is no mechanism to review the status of the applications (EIDL Loan and EIDL Advance). You will have to wait until the SBA contacts you.
The advance will be deposited into the account that you provided in the application without contact from the SBA.
When your loan application is assigned to a case manager for processing, you will receive an invitation to the EIDL loan process portal. The e-mail will come from firstname.lastname@example.org.
z If you have not submitted your EIDL Advance application, the SBA will not be accepting new applications under this program until new funds have been appropriated by Congress.