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Small business loan applications to resume Monday after Trump signs new $484 billion package into law

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  • President Trump signed into law a $484 billion coronavirus relief bill that includes another $310 billion in funds designed to provide relief to small businesses.
  • The Small Business Administration will resume accepting loan applications through the Paycheck Protection Program on April 27.
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President Donald Trump signed into law a $484 billion coronavirus relief bill on April 24.

The bill includes $310 billion in new funds for the Paycheck Protection Program (PPP), which was put in place to provide aid for small businesses.

According to a statement released by Jovita Carranza, administrator of the Small Business Administration (SBA), and Treasury Secretary Steven Mnuchin, the SBA will begin accepting PPP loan applications again on Monday, April 27.

"We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously," the statement read. "All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan."

The initial $349 billion in aid set aside for the PPP in the record $2.2 trillion stimulus package passed in March was exhausted within about two weeks, by April 16.

According to the statement, the PPP loan has already supported more than 1.66 million small businesses and protected over 30 million jobs, yet unemployment claims have soared to unprecedented heights in March and April, standing at more than 26 million over a five-week period alone.

"The Trump Administration is fully committed to ensuring that America's workers and small businesses continue to get the resources they need to get through this challenging time," according to Carranza and Mnuchin's statement.

SEE ALSO: A new study shows over 100 public companies got $550 million of federal loans intended for 'small businesses'

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