Dear Chamber Leaders and Small Business Owners,
On behalf of our
Board of Directors, we wanted to provide you an update on the latest legislation impacting your business.
Today, the Small Business Administration (SBA) resumed accepting PPP loan applications from participating lenders.
On Friday, April 24th, the President
signed the Paycheck Protection Program and Health Care Enhancement Act into law. The supplemental legislation provides an additional $310 billion to the Paycheck Protection Program (PPP) and an additional $60 billion for the Economic Injury Disaster Loan (EIDL) program.
In addition, $30 billion has been set aside for minority depository institutions (MDIs) and community development financial institutions (CDFIs) to ensure that PPP funds reach Hispanic and minority-owned small businesses that may not have an existing relationship with a financial institution, a major advocacy effort led by the USHCC.
We urge all USHCC Hispanic Business Enterprises (HBEs) to follow up with your bank or lender on the status of your application.
If you are an HBE that has not yet applied for funding please do so as soon as possible.
As of 3:30 pm EDT of April 28, the SBA has processed more than 100,000 PPP loans by more than 4,000 lenders.
Unprecedented demand is slowing E-Tran response times. Currently, there are double the number of users accessing the system compared to any day during the initial round of PPP. The SBA is actively working to ensure system security and integrity while loan processing continues.
The SBA is working around the clock to help all U.S. small businesses during these challenging times.
To view an updated list of participating SBA Lenders:
click here.
Over the weekend, the SBA and the U.S. Department of Treasury released
guidance to impose limits on how much PPP participants can lend in the program. The new rule limits lenders to ten percent of the program’s overall funding, or $60 billion in total. This release is in addition to
new guidance that directs financial institutions to slow the pace of applications for the program. The SBA will allow lenders that have 15,000 SBA-ready PPP loan applications to make a one-time bulk submission of .XML files to E-Tran, for faster processing.
Should you have any questions, please don’t hesitate to contact us. We also have many resources available on our
website in English and Spanish.
Respectfully,
