This is what we know so far:
—Paycheck Protection Program—
As of Thursday (April 16, 2020) mid-morning, the $349 billion had all been accounted for.
Congress was supposed to be meeting Monday (April 20, 2020) to reevaluate whether more funds will be added to the relief program. But since it unexpectedly ran out so quickly, they are talking about getting together sooner to go over options.
From several reports, it is sounding promising that they will likely increase the funds.
HERE IS WHAT YOU CAN DO IN THE MEANTIME:
Some SBA approved lenders (this area: Scribner, Dodge and Hooper banks) are still letting business owners turn in their applications, in hopes that they can send in your application as soon as the speculated additional funds become available. Now mind you, this is IF Congress approves adding funds to the program.
–Economic Injury Disaster Loan–
The Small Business Association saw in 14 days, the amount of applications they usually see within a 14-year span. So naturally, they needed to stretch the funds allotted for this relief program. As of recently, it has gone from a $10,000 cash advance, to now $1,000 per employee, capped at 10 employees.
**Information is changing by the minute. We will do our best to keep our community of small businesses updated**