Last updated: April 23, 2020

It was announced this week that an additional $310 billion in funding for the Paycheck Protection Program (PPP) is set to be voted into law within the next few days. If you applied for a PPP loan but were denied due to lack of funding, or if you missed the opportunity to apply altogether, we suggest you get prepared for this second round immediately.

Keep in mind that this round may go even faster than the last. There is no guarantee on how many new applications will be approved or whether applications already in the system will exhaust the funds.

If you already applied and have not been approved, contact your lender to ensure that your application will move forward once the new funding is appropriated. If you have not yet applied, contact your lender immediately to ask whether they are accepting new applications and if so, begin that process as soon as possible.

Feel free to contact your SEK Client Relationship Manager (CRM) if you have any questions.

We will update this post as more information becomes available.
 

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Paycheck Protection Program - General info and helpful documents

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So, you received a PPP loan? Now what? - Action steps and downloadable Excel spreadsheet