Here Is What You Should Do After the PPP Funding Has Run Out Of Money

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Here Is What You Should Do After the PPP Funding
Has Run Out Of Money
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The federal government has passed The CARES Act
to provide relief funds of 350 billion
via Paycheck Protection Program loans to small
businesses that were impacted by the coronavirus
pandemic. Less than two weeks, the allocated
funds for the program depleted, as lenders
submitted more than 1 million PPP loan
applications to the Small Business Administration
(SBA). On April 15, the SBA has issued a
statement that theyre not accepting new PPP
applications until more funding is
appropriated. The PPP rollout was spoiled because
there were uncertain instructions from the
federal government, lenders focusing on their
existing clients, and a stream of loan
applications by the small businesses for concern
that the funding money would run out. On average,
the loans were offered to 1.6 million businesses
which is approximately 5 of the 30.2 million
American small businesses, causing some of the
hardest-hit businesses to left stumble. The
discussions on the allocation of more funds for
the coronavirus stimulus package are ongoing, but
nothing officially decided or rolled out in terms
of a bill or plan as of yet. If youre among the
left-out businesses in need of financial
assistance, here is what you should do now.
www.onlinecheck.com
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Contact Your Senator and Representatives
Members of Congress are at a standstill
concerning how and when to supply funding for the
PPP. The first step you can do is to make your
voice heard by calling and emailing your Senator
and Congress representatives and inform them how
crucial the SBA funding is for your business
especially at this challenging time.
www.onlinecheck.com
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You can find your U.S. Senators here. If you
dont know about your congressional district or
the Congress representative. Use this service to
find your Congress representatives with links to
their website and contact page. While contacting
the representatives, provide your complete
details including your name, city, and zip code
for the representative to verify you are a
constituent and explain youre calling because
you need funding for the SBAs Paycheck
Protection Program and that you request your
representative to sanction funding immediately. 
You should also explain why you need this urgent
funding and how it can support your small
business. Use every possible channel including
social media platforms like Twitter to share your
views and let them know how crucial it is that
PPP funding is replenished immediately.
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Your loan application might be in the SBAs
approval queue if youve already applied for a
PPP loan through a lender. The next step is to
connect with your lender with whom you have
submitted your loan application and ask them to
update you on the status of your loan
application. Be patient and dont get depressed
while you wait to hear back from your lender.
Connect With Your Lender
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Most lenders that were accepting PPP loan
applications have closed their portal for new
applicants because of massive demand. However,
many others will continue to accept new
applications because its expected that the
federal government will authorize additional
funding to the program eventually. Prepare your
documentation and look for lenders that are still
accepting new applications for the PPP loan when
more funding will be authorized if you havent
applied already.
Look for Lenders That Are Still Accepting PPP
Loan Applications
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Look Into Other Small Business Relief Resources
Most lenders that were accepting PPP loan
applications have closed their portal for new
applicants because of massive demand. However,
many others will continue to accept new
applications because its expected that the
federal government will authorize additional
funding to the program eventually. Prepare your
documentation and look for lenders that are still
accepting new applications for the PPP loan when
more funding will be authorized if you havent
applied already.
www.onlinecheck.com