HAVRE, Mont. (NMB) – The Small Business Administration (SBA) have closed their loan portals as of Thursday, April 16.
At this time, SBA is unable to accept any new Economic Injury Disaster Loan or Paycheck Protection Program applications for COVID-19 relief, because of current appropriation funding levels.
In a statement, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza said, “The SBA has processed more than 14 years’ worth of loans in less than 14 days…By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.”
Carranza and Mnuchin are currently urging congress to appropriate the additional funds and it is presently unclear when the portals will reopen.
If an individual has already submitted an application, SBA will continue to process it at this juncture.
For more information visit sba.gov.
