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SBA no longer accepting new PPP loan applications
The SBA has stopped accepting new applications for the Paycheck Protection Program from most lenders, almost a full month ahead of the loan’s application deadline.
On Tuesday 2, 2021 the SBA announced to trade associations they will no longer accept new applications for the Paycheck Protection Program.
The PPP general fund deplete, but there is an additional $8 billion set aside for community financial institutions (CFI), which typically operate with businesses in underserved communities.
Additional $6 billion has been aside for PPP applications pending review or that need additional information because of error codes.
How can I still qualify for a PPP Loan?
As part of a congressional mandate, the SBA set aside specific funding for new PPP applications processed through a “community financial institution” This includes:
- Community Development Financial Institutions
- Minority deposit institutions
- Other qualifying small lenders
Above lenders have a specific loan funding available of $8 billion.
This means that your only option to apply for a PPP loans is sending your application through a community financial institution.
Are you still struggling with your business?
President Joe Biden is proposing to pay the $1.8 trillion of the American Families Plan by raising taxes.
During uncertain times, planning for the future is the best method to overcome any financial difficulties that can put your business in a tough situation, specially with the COVID-19 pandemic still around.
Best Strategy for Biden’s Tax Policy
To take full advantage of the Biden’s Tax Policy, we recommend you implementing Tax Planning to evaluate the finances of your business. Tax planning is an essential part of a business success.
In the upcoming months, expect many changes to the legislation. I’m always studying the new legislation and taking advantage of it now. Feel free to reach out if you need help to implement a tax strategy for your business. Schedule a free zoom appointment here:
Are you struggling to find Financial Guidance during the COVID-19 hardship?
We’ve been helping clients with disaster relief, survival budgeting, and cash management plans since March!