Small business rescue loan program hits $349 billion limit and is now out of money
The SBA website reads that it is “unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”
The announcement from the SBA on Thursday comes as scores of small American business owners work to deal with the fallout of the coronavirus and the move by some states to shutter the vast majority of commerce.
Small businesses are the backbone of the American economy, employing 47% of all workers. In high-cost cities, the median small business has only enough cash to cover 2-3 weeks of expenses.
Some business owners who applied early say they are still waiting for their money. One large bank said it still has tens of thousands of applicants waiting for their loans to be approved, even as the SBA announced the program was tapped out.
Here is an important update on emergency funding from the SBA:
- The $350 Billion in the SBA PPP fund is gone. WE HERE AT ICS WERE APPROVED AND FUNDED FROM THIS. WE HAVE MANY FUNDING OPTIONS AND THE LENDERS ARE APPROVING THEM RATHER QUICKLY IN A LOT OF CIRCUMSTANCES.
- SBA 7(a) Express Loans ARE AVAILABLE with actually less restrictions that the PPP. For instance, start ups qualify and no need to provide verification of payroll costs like in the PPP. Up to $150,000 with a longer repayment term (10 years) as well. VERY SIMPLE couple page application with typically 24-48 hour initial underwriting review. However, the interest rate is higher (2-3 points above Prime versus 1%).
IF YOU OR ANYONE YOU KNOW ARE NEEDING FUNDING, PLEASE LET THEM KNOW WE ARE HERE TO HELP, WE DO THIS EVERYDAY AND ARE VERY GOOD AT. WE SPECIALIZE IN TECHNICAL ADVICE AND IN BRIDGING THE GAP TO FUNDING. WE WORK WITH SBA FUNDING OPTIONS AND WITH MANY MANY OTHER LENDERS AND BECAUSE OF THE MODEL WE USE BASED OFF YOUR EIN, WE CAN GUARANTEE YOU AT LEAST 100,000 IN FUNDING IF YOU GO THROUGH THE 10 STEP ACCESS TO CAPITAL PROGRAM - WE GUARANTEE IT....
FOR MANY WE CAN GET YOU ENROLLED TODAY OR TOMORROW - FRIDAY - AND GET YOUR ON BOARDING DONE OVER THE WEEKEND AND APPLY FOR FUNDING ON MONDAY OR TUESDAY...
WE ARE A+ RATED WITH THE BBB, MADE UP OF FORMER SBA AND OTHERS FROM THE BANKING WORLD, ALONG WITH CURRENT/FORMER SCORE MENTORS. WE ARE FEDERALLY GRANT FUNDED AND A 501(c)(3) NON PROFIT. IF YOU ARE IN NEED OF FUNDING OR KNOW OF A BUSINESS THAT IS DO NOT HESITATE TO REACH OUT, MANY PEOPLES LIVES ARE AT STAKE AS FAR AS THEIR FINANCES OR LACK OF.
William Zeigler
Stars & Stripes / ICS
Elite Agent/Trainer/Host
314-730-9430 direct line
573-880-2460 TEXT
1730 fenpark dr. suite 9 HEADQUARTERS
Fenton, Mo 63026