Dear Friends,
Late last night we received word that both the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) have exhausted current available funds. This is very unfortunate but the demand was obviously very high. Congress is working to provide additional funds as soon as they can.
| If you’ve already submitted an application, there’s nothing else you need to do. Your loans are in process and will be processed in the order they were received. Banks are working hard to distribute funds for approved PPP loans and EIDL funds should start arriving soon to borrowers. If you have any questions about your EIDL loan application, please contact the SBA Customer Service Center at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or disastercustomerservice@sba.gov. Unfortunately, if you have not applied for any of these loans you’ll have to wait for the next round of funding. The SBA has suspended the EIDL application webpage and banks should cease taking applications as well. Hopefully, the wait will be short. We thought you should know. Until the SBA programs receive new funds, you may want to consider the following steps: -Determine your current cash position and expense obligations· -Work to drastically reduce expenses· -Try to generate any additional revenue· -Look for alternative funding sources If you would like to discuss some of these steps please feel free to contact us at 1-888-475-7232 or contact us directly: Dave Oetken 502-594-3871 doetken@greaterlouisville.com Toni Sears toni.cardell@uky.edu 502-625-0123 We’re pretty good at cash management and finding sources of capital. While we can’t guarantee success, we’ll work as hard as we can to help. That’s what we do. |
