Round 2 of the Paycheck Protection Program (PPP) has been approved by Congress and signed by President Trump, providing another $310 billion in funding for small businesses.
Reports from various news sources, however, predict that all $310 billion will be needed for those businesses already in que from the first round that did not receive funding.
And even the new round of funding may not be enough to meet the demand that already exists.
What does this mean for you?
- If you submitted your PPL application for Round 1 but were not approved prior to funding running out, you should not have to reapply. It is important though that you contact your financial institution to confirm that they have your information ready to submit for this new round of funding.
- You should remain in constant contact with your financial institution to confirm the status of your application. Many banks, especially larger ones, did not keep their customers updated on status of their applications during Round 1, so it is important for you to be proactive in doing so.
- If you did not submit an application for Round 1, it is still possible to apply, but understand that you will likely be behind those already in line.
- If you have not applied yet, you need to immediately download the form and pull all the necessary information. You will need to apply through an approved SBA lender and most financial institutions will only accept applications from existing business customers.