Paycheck Protection Program Strengthens America | Letters
Figures from the Paycheck Protection Program show that it is not only the largest but most effective US relief program ever signed. As small businesses continue to struggle with declining demand, labor shortages, and struggling supply lines, the PPP administered by the US Small Business Administration offers business owners and their employees. employees a much needed injection of funds to overcome these difficult times.
In the latest Paycheck Protection Program report, with approvals as of March 7, 2021, we see that the SBA has guaranteed over 7.55 million P3 loans, totaling over $ 687.3 billion. since 2020. In the last round of funding, which began on January 11. 2021, the SBA has guaranteed more than 2.4 million PPP loans for more than $ 156.2 billion. This represents an increase of more than 200,000 guarantees over the past week, with an increase of almost $ 9 billion in net dollars approved during the same period.
Every day, SBA staff receive thousands of phone calls and emails from applicants looking for information on the status of their P3 loan. I’d like to remind these borrowers that PPP legislation gives SBA-approved lenders delegated authority to act as an agent of the SBA, which means lenders determine which applications to process and when to submit them. Therefore, any questions or concerns regarding individual PPP loan applications should be directed to the lender. Likewise, for those who are unsure of the status of their PPP loan, or if a PPP loan application is reported due to anomalies in the data, the lender will have more information. Borrowers whose application is already submitted to the SBA by their lender can create an account in the SBA Capital Access financial system to monitor the status of their loan.
The P3 isn’t the only way the SBA is helping the small business economy. Economic disaster loans, the upcoming grant for small site operators, express bridging loan, and debt relief programs are all options that small business owners should consider depending on their needs. needs and their qualifications. Additionally, each of our 68 district offices and hundreds of resource partners across the country provide advice and assistance, including advice, mentoring and training for entrepreneurs. Use the SBA Local Support Directory to locate the SBA District Office or Resource Partner Service Location closest to you.
The SBA has been with small businesses for almost 70 years. Whether you need capital, advice or access to new markets, we’ve got you covered. Visit www.sba.gov to start your journey to success.
John Fleming, Wilmington, Del.
The author is the Interim Regional Administrator for the Mid-Atlantic of the US Small Business Administration.