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Idaho small businesses shouldn t be penalized because of political differences – Idaho Business Review
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3 Ways You Could Benefit From Biden s $25 Billion Small Business Assistance Plan
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Congress may have extended the Paycheck Protection Program through May, but with only $68 billion left in its coffers, the PPP may sunset well before then. That shouldn t deter you.
Here are four reasons to apply for funds as soon as possible:
1. Funds could run out soon.
During a March 24 Senate hearing on the efficacy of Covid-19 relief initiatives, Patrick Kelley, of the Small Business Administration s Office of Capital Access, noted that the PPP program could exhaust its funding as early as mid-April. At the time, there was just $79 billion left. Two weeks later, as of March 4, there s just $68 billion left, out of a total of $291 billion.
The American Rescue Plan passed in March appropriated an additional $7.25 billion to the PPP, bringing the total to nearly $292 million.
As of April 5, the Small Business Administration, which oversees the program, has approved nearly 4 million PPP loans worth about $224 billion, according to the agency. That means about $68 billion is left.
The idea of money running out hadn t been top of mind, at least in this round of the program, until just before the extension passed. In a March 24 hearing before the Senate Committee on Small Business Entrepreneurship, Patrick Kelley, associate administrator at SBA s Office of Capital Access, noted that the PPP had about $79 billion left, which would be exhausted by mid-April if applications continued at a similar pace.
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