Without a doubt, March 2020 was anything but ordinary, and many, especially small businesses, felt the financial impact. The incoming wave of fright and uncertainty surrounding the coronavirus pandemic urged society to immediately halt their services, close their doors, and remain in an indefinite lockdown. With each passing day, smaller businesses quickly began feeling the hurt caused by this mandatory shut down, sending many scrambling to stay afloat and retain their employees. The Small Business Administration saw an extraordinary increase in PPP (Paycheck Protection Program) applications, providing relief when and where they were able with the help of more than $290 billion sent from Congress. With funds being quickly distributed, combined with continuing adverse long term effects on organizations throughout the country, the SBA announced Tuesday, May 4th, 2021, their necessary pause in receiving any additional applications. The administration reported having approved more than 5.6 million PPP loans, which totals up to $258 billion within the timeframe of January 11th, 2021 through May 2nd, 2021. As of this moment, it is uncertain whether Congress will provide additional funding in this area.
If you and your business did not get approved on this round of PPP, contact us at MCDA CCG to learn how we can assist you in receiving the funding you need. Contact us today for a free no-obligation discussion. Our finance consultants can structure a deal that is right for you and your business.