The new $484 billion aid package approved by Congress includes $60 billion to renew funding for the Economic Injury Disaster Loans (EIDL) program and adds $320 billion to the Paycheck Protection Program (PPP). Those who were caught in the middle of the loan application process when funding ran dry need to know the following:
The Small Business Administration (SBA) resumed accepting PPP loan applications as of 10:30 a.m. EDT this morning (April 27).
The SBA is currently not accepting new EIDL applications. However, if you were in the process of applying for a EIDL loan and have an application number that begins with the No. 3, your application remains in the queue and you do not need to reapply for a loan.
More information on the PPP and EIDL loan programs can be found here.
NAHB will be fighting for additional funding for the PPP and EIDL loan programs in the next congressional stimulus package.