The Small Business Administration has stopped processing new applications for the Paycheck Protection Program and the Economic Injury Disaster Loan COVID-19 related assistance program (including the $10,000 EIDL advances). When announced, it was praised for the help it could potentially give to small business owners and independent contractors.
The SBA.gov website now offers a notice of a lapse in appropriations.
In a letter addressed to Republican and Democrat leaders, NAR writes:
“We strongly urge you to provide additional funding for the PPP and EIDL programs in future COVID-19 response legislation, ensuring the need for these loans is met as this crisis continues. In addition, Congress should clarify implementation to resolve issues with added limits and requirements that are not in accord with legislative intent.”