What’s Next Now that the Paycheck Protection Program Funds Are Exhausted?

by | Apr 17, 2020 | Cracking the Tax Code with Christy | 0 comments

You have probably seen on the news that the funds for the Paycheck Protection Program loan program have been exhausted.  What does that mean for you? 

If you’ve already applied but have not heard back from your lender, hold tight.  You may still have been approved and your lender may not have had a chance to get back to you yet.

If you have not applied, start preparing your paperwork.  Congress is negotiating what the next steps of relief look like.  It is possible the program will receive additional funding.  Get your paperwork together.  Go ahead and complete the application.  Make sure your business has updated profit and loss statements.   Get any supporting documents prepared.  If the funding comes, you do not want to miss out a second time.