Paycheck Protection Program is Depleted, What’s Next?Paycheck Protection Program is Depleted, What’s Next?
What’s the current situation?
The $350 billion of small business relief through the Paycheck Protection Program has officially been depleted, less than 3 weeks since it was first introduced with the passing of the CARES Act on March 27, 2020.
In hindsight, many are saying that $350 billion simply was not enough money to combat the economic shockwave brought on by the government shutdowns which came in response to the coronavirus outbreak.
Now, Congressional leaders on either side of the aisle are stuck in a stalemate over how an additional $250 billion relief bill will be divided. But with the second round of PPP funds being just 70% the amount of the first round, business owners and lenders are uncertain as to whether or not it will be enough to meet everyone’s needs.
In the meantime, Become remains ready to accept applications for PPP loans, and our funding providers are poised to distribute funds just as soon as government officials finalize and clarify the process.
Here’s what you can do right now:
1. What to do if you’ve already applied for a PPP loan through Become
If you have applied: sit tight for updates to come! While you wait for new announcements, make good use of this time. You can boost your cash flow, even during this pandemic. And, of course, you can make plans and prepare your business for the moment that the funds arrive. Get ready to take action as soon as possible!
2. What to do if you haven’t yet applied for a PPP loan through Become
If you haven’t applied: apply for a PPP loan through Become now and save your spot in line for our funding partners to help you once the new round of funds is released.
3. Contact government leaders
Reach out to your local and state elected representatives and urge them to get involved on your behalf.
4. Stay ahead of the curve
Strengthen your business by protecting it from the effects of the coronavirus outbreak. There are several ways to defend against the damage that COVID-19 can inflict, including cutting costs during shutdowns.
5. Search elsewhere for funds
Explore other funding sources, such as the EIDL program. Use our state-by-state interactive map to see what sort of financial aid your state government is offering to small businesses.
6. Give and receive support
Join the Become Business Owner Community to ask questions, give answers, gain perspective, and grow your network.
7. Keep yourself informed
Bookmark the Become COVID-19 Business Funding News & Updates Hub.