Richland Economic Developement Corp. COVID-19 Updates
April 22, 2020
1. *Economic Injury Disaster Loan (EIDL) and Advance*
*Lapse in Appropriations Notice*: *SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.*
Due to limited appropriations funding, the application portal for the EIDL COVID-19 assistance program (EIDL loans and EIDL Advances) is temporarily closed.
Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
SBA is processing EIDL applications as quickly as possible. SBA will provide those whose applications are approved with loans that will cover the business short-term working capital needs.
1. *Paycheck Protection Program (PPP)* It is expected PPP will reach its ceiling very soon (anticipated as soon as today).
By law, the SBA will not be able to issue new loan approvals once the programs experience a lapse in appropriations.
All of this information is also available on our Facebook, Richland Economic Development.
Safe healthy. Stay Safe.