The Small Business Administration resumed accepting Paycheck Protection Program loan applications Monday morning from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the recent legislation. Congress agreed last week to pump more money into the Paycheck Protection Program after the initial funding ran dry in two weeks.
Small businesses can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, Farm Credit System, or non-bank lending institution that is participating. You should consult with your local lender as to whether it is participating in the program.
Meanwhile, the Internal Revenue Service says that the direct deposit processing of stimulus checks paid out to individuals is mostly done. Beginning this week, the tax agency says it will mail checks on a weekly basis to all other individuals who are eligible to receive the coronavirus stimulus checks. As for the wait: it could be September before all checks are delivered via mail.
The IRS has said that it will first deliver paper checks to the lowest earners who are eligible, and the agency estimates it will mail about five million checks each week until all who qualify receive the federal aid that’s intended to stimulate the economy.