COVID Relief

Everything you need to know to help you recover

 

 

PPP Loan Funding Ends

The SBA has given notice to its lenders that the Paycheck Protection Program (PPP) has spent down its $292 billion fund ahead of the May 31st deadline and will not accept new applications for either first draw or second draw PPP loans. Although no funds remain for new PPP applications, we believe your organization’s access to funding depends on whether the SBA has signed off on the loan. For example:

  • If your organization has provided some (or all) of the required information to the lender for either a first draw or second draw PPP loan, but the lender has not yet transmitted your application and associated information to the SBA, there probably will be no PPP funding available for your organization.
  • If the lender has transmitted your application and information to the SBA, and the SBA has acknowledge receipt of the information, but the SBA has not yet signed off on the loan, there still may be funding available for your loan.
  • If the SBA has fully signed off on the loan, but funds have not yet been transmitted to your organization, there most likely will be funding available for your loan.

Finally, even though SBA has used all available new PPP funding, the SBA continues to manage the program and will continue to process loan forgiveness applications.

If you had still intended to apply for a new first draw or second draw loan before the SBA ran out of funds, please contact your local SBA district office at https://www.sba.gov/local-assistance/find. Let the SBA know that there is still demand for new PPP funding. And please let us know at DC@JewishFederations.org so that we may have the data we need to press for additional funding to the extent more is needed by the community.

To help the Jewish community and others ensure they are in compliance with loan requirements, which have administered by banks under the guidance of the Small Business Administration, we continue to provide webinars and support. You can reach Federation experts at SBALoans@jfna.org.

The American Rescue Plan Act of 2021

The American Rescue Plan Act of 2021 includes a number of COVID-19 relief funding measures important to the Jewish communities public policy agenda. Learn how the ARP can help your community.

View a breakdown of provisions in the ARP

Watch a briefing about the ARP from March 18

PPP FAQs

View FAQs (updated May 7, 2021)

Resources from March 19 Webinar

Watch Recording
View Slides
View Updated PPP FAQs

Resources from January 13 Webinar

Watch Recording
View Slides
View Updated PPP FAQs

Resources from December 23 Briefing

Watch Recording
View Slides

 

 

 

Last Updated: March 19, 2021