Last night we were informed that the Economic Injury Disaster Loan program had experienced a lapse in appropriations. This morning, we learned that the Payroll Protection Program has experienced a similar lapse in appropriations as well, and that new applications are not being processed by the SBA. These two programs have been the primary Federal government assistance programs for businesses suffering economic losses due to the COVID-19 pandemic.
We understand that many businesses have been relying on these funds to keep employees and get through these difficult times. This lapse in funding may create difficulties and greater uncertainty for many businesses. The SBDCs are still here to help.
In the articles below, we break down ways that we can help businesses that have received funds from these programs and businesses that have yet to have their applications accepted by the SBA.
I strongly recommend that any business with questions contact their local SBDC. Our Centers are here to help.
Sincerely,
Mark Gregory,
State Director
Oregon SBDC Network