Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
The Small Business Administration (SBA) has announced it has exhausted the $349 billion of funding which was created to provide financial relief for small businesses in the wake of the COVID-19 pandemic.
The SBA posted a notice on its website yesterday stating it is no longer accepting new applications for the Paycheck Protection Program (PPP) or for the economic injury disaster loans (EIDL). Furthermore, the agency indicated it is no longer able to enroll new lenders in the program. As the program was designed on a first-come basis, reports indicate those applicants that have received an SBA authorization number will be funded.
Businesses that did not receive SBA authorizations may want to consider the Main Street Lending Program as an alternative source of funding if they are eligible.
Doeren Mayhew recommends businesses reach out to their current lending institutions to see what relief can be provided to them. Should you need any assistance in gathering financial data, our team of business advisors stand ready to help. Contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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