COVID-19 SBA Programs Funding Dries Up
LOUISIANA REALTORS • April 17, 2020
The $349 billion authorized in the CARES Act for Paycheck Protection Program loans has been exhausted. It is reported that loan applications received by banks but not yet submitted to SBA will not be able to be completed, and the agency will not maintain a queue for PPP applications if additional funds are authorized. Any loan applications that have received an SBA authorization number may be able to receive an SBA guaranty, however.
Also, the SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Aware of the looming shortfall, the National Association of REALTORS® sent a letter to lawmakers on Monday, April 13th seeking more funds to keep the programs operating. Louisiana REALTORS® is monitoring the situation and will provide updates when information is available and confirmed.
In the meantime, reference this infographic to see information about each of the available programs.
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