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PPP RUN DRY! NEW EIDL PPP LOAN EIDL GRANT UPDATE Self Employed Small Business Grant Relief SBA Loan

A new report from the SBA, shows they have approved less than 4% of EIDL Targeted Grants to small businesses across America.

The report details, as of April 28, 2020, only 89,755 businesses have been approved for a total of $733,159,000.

The program was allocated $20 billion dollars from the December 27, 2020 stimulus bill, which means only 3.66% of the total funding designed to help small businesses was approved.

Compare that to the first disaster relief bill, where 100% of EIDL grants were exhausted within three months.

Hopefully the SBA can approve more small business disaster relief grants in the form of EIDL Targeted Grants, to help the millions of local companies still struggling across America.

Meanwhile, the restaurant industry is set to receive some much needed fiscal support, as the highly anticipated Restaurant Revitalization Fund opened its portal to eligible eateries beginning Monday.

The Small Business Administration’s Restaurant Revitalization Fund aims to offer hard-hit restaurants, bars, food trucks and other dining options to apply for $28.6 billion in grants of up to $10 million per business.


Sean Kennedy, executive vice president of public affairs for The National Restaurant Association, explained: “The question that everybody is asking of course is how long is the money going to last, and who’s not going to have a place to go when the music stops.”

He also stated that 100,000 applicants registered for the portal over the weekend and the SBA is doing their best to process these vital restaurant small business disaster relief funds.

Finally, the Paycheck Protection Program (PPP) officially ran out of money this week, closing to most new applicants four weeks before it was slated to end on May 31st.

The SBA explained: "After more than a year of operation and serving more than 8 million small businesses, funding for the bipartisan Paycheck Protection Program has been exhausted."

To date, the SBA has issued over 10,700,00 PPP loans for a total of more than $780 billion, and has generally been considered by most to be a success.

Due to it’s popularity, I wouldn’t be surprised if the SBA announces a 3 round of forgivable PPP loans, especially as we finally start to recover from the past 14 months of craziness.

#ppp #eidl #stimulus

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