PPP Second Draw Update

The SBA pushed out guidance on the new “PPP Second Draw Loans” yesterday. While we still don’t have sight of the application and the “portal” isn’t open for banks to submit loan packages we do have more answers – not all, but more.

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Out of Money

When the SBA met its $349,000,000,000 (that’s billion, 9 zeros!) lending limit, 1.6 million small business owners received the SBA’s loan commitment. With more than 30 million small businesses in America, the $349B cap leaves a very wide gap between those businesses that will receive financial help to meet payroll over the next two months and those without a financial lifeline.

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Stephan P. McMahon & Company