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Jason Whaley • Apr 21, 2020

Closure of EIDL Application Portal

Government Loan Update
APRIL 16, 2020
ANNOUNCEMENT
Closure of EIDL Application Portal
Due to limited appropriations funding, the application portal for the EIDL–COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed. By law, the SBA is not able to issue new loan approvals once the programs experience a lapse in appropriations.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business’s short-term working capital needs.
SBA and Treasury urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks. The high demand we have seen underscores the need for hardworking Americans to have access to relief as soon as possible. We want every eligible small business to participate and get the resources they need.
Information on lenders can always be found at  www.sba.gov/paycheckprotection  or  www.treasury.gov/cares
Lender Assistance Hotline: (833) 572-0502
Please see the SBA Press Release Below
Need More Information
We will continue to share SCORE partner and friend programs that are available for small business support, including:
PRESS RELEASE
Statement by Secretary Mnuchin and Administrator Carranza on the Paycheck Protection Program and Economic Injury Disaster Loan Program
 
WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin and U.S. Small Business Administration Administrator Jovita Carranza issued the following statement regarding the Paycheck Protection Program and Economic Injury Disaster Loan Program
“The SBA has processed more than 14 years’ worth of loans in less than 14 days. The Paycheck Protection Program is saving millions of jobs and helping America’s small businesses make it through this challenging time. The EIDL program is also providing much-needed relief to people and businesses.
“By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations. 
“We urge Congress to appropriate additional funds for the Paycheck Protection Program—a critical and overwhelmingly bipartisan program—at which point we will once again be able to process loan applications, issue loan numbers, and protect millions more paychecks.
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