Arkansas HVACR NewsMagazine May 2020

S tate, National, Chapter News State national Chapter News

PPP and EIDl Loan programs are currently unable to accept new applications. The SBA, PPP, and EIDL programs related to the COVID-19 disaster have consumed available appropriated funds. The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need. SBA is communicating with Congress to request additional appropriations. (Economic Injury Disaster Loans (EIDL) loans) is temporarily closed. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. For status, please contact the disaster customer service center at 1- 800-659-2955. Go here to learn more about the program. For the PPP (Payroll Protection Plan) Loan — Continue to keep in contact with your lender. Make sure they have the documents they need to complete your PPP loan should additional funding happens. Go here to learn more about the program. If you are looking to identify a lender to work with, you can go here (under Coronavirus Resources) to see the list of lenders we have prepared for the public. Unfortunately, the SBA cannot issue new loan approvals or accept new applications given this lapse in appropriations per US law. The application portal for the EIDL – COVID-19 assistance program

SBA Update to Arkansas COVID-19 Resources

Reprint from SBA 1

The Treasury Department and SBA launched the unprecedented Paycheck Protection Program in just one week. Following its launch, the SBA processed more than 14 years’ worth of loans in less than 14 days, which will protect a vast number of American jobs. Nearly 5,000 lenders participated in this critical program, including significant lending by community banks and credit unions. Nearly 20% of the amount approved was processed by lenders with less than $1 billion in assets, and approximately 60% of the loans were approved by banks with $10 billion of assets or less. No lender accounted for more than 5% of the total dollar amount of the program. See the data.

Arkansas Lenders processed 21,754 loans totaling $2,722,726,557!