Did PPP Run Out Of Money? Did EIDL Money Run Out?
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There’s tons of big things happening today in both EIDL and PPP news. I’m going to first go over some stats of where we’re at in terms of the number of businesses funded today under these programs then I will dive into today’s news.
I’d like to personally thank each and every one of you for tuning into my afternoon updates. The most important metric on YouTube is watch time so I appreciate all of you who watch to the end.
Let’s get right into it.
We actually have some updated information on the number of businesses who have been funded and it’s not looking great. As of yesterday’s poll of 6,000 small businesses 3.5% of the businesses who applied had received their EIDL grant money. However as of today that poll size has increased to over 11,000 businesses and the percentage of businesses who have received funding actually went down to 3%..
The average time these businesses waited for funding also has gone up to 15 days.
Anecdotally I am receiving more and more reports each and every day from people who have been funded with money in their accounts.
I’ll be interested to see what the SBA releases on the guideline as to proof that is required for this advance to be forgiven because remember this advance can only be spent on a few things like payroll, rent, increased expenses and a few others.
Nothing has come out on this yet but I will let you all know once I find anything out.
In Paycheck Protection news we have some updated numbers here as well. Out of 11,000 small businesses polled just 4% of businesses have actually received funding. This is down from 5% just yesterday, again due to the larger sample size.
The average wait to receive funding has also increased to 8 days.
I have yet to actually receive any screenshots or reports from people who have actually received money in the bank from the PPP.
On To Today’s Biggest News
As of this morning the 349 Billion dollar relief fund has run dry.. The Paycheck Protection Program is out of funding and the SBA website now has a message that states it “is unable to accept new applications … based on available appropriations funding.”
It is law that the SBA can only take on new loan applications so long as there is available funds to do so.
So what does this mean if you’ve applied and haven't yet received funds?
It doesn’t necessarily mean that you won't receive funding at all. This loan money is simply accounted for and being processed so if you already applied you could be a part of that group and not even know it yet.
I’m not in the business of crushing anyone's spirits and Remember only 4-5% of these loans have actually been funded so there is still money not yet sent out and part of that could very well be yours.
Also, remember many people are receiving funding now without even being contacted once by the SBA. Check your accounts because this could also be you. I read a stat that the SBA has processed 14 years worth of loan applications in 2 weeks so there is still much up in the air.
I have a small suspicion that there could be more funds available that may not look available due to many businesses applying for PPP under multiple banks. If the average business applied to 2 banks this would likely leave some extra funding.
Whether that’s the case or not the best case scenario will be if the additional 250 billion dollar small business relief is added to the CARES Act to help fund all of these businesses.
That’s all I have for the small business relief programs for today, I will release a separate video with updates for the stimulus checks today. Make sure you’re subscribed and click the notification bell to be updated as quickly as possible.
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational
purposes and does not fully address the complexity of the issues or all the steps businesses must take under
applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher
undertakes no obligation to update the information in this presentation, and no representations are made that
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