Loveland Economic Development Update: SBA’s $349B Paycheck Protection Program officially exhausted; Congress must pass additional appropriation to serve additional loans.

Good Afternoon Loveland Business Community,
If you made your way onto the SBA website today , you may have noticed the lapse in appropriation notice that states “SBA is currently unable to accept new applications for the Paycheck Protection Program based on available appropriations funding. Similarly, we are unable to enroll new PPP lenders at this time.”
Despite the success of rolling out $350 Billion in two weeks to businesses, Congress could not find common ground this week on a new appropriation of federal relief funds for PPP, and will not meet again until Monday . This means more delays in critical funding for small businesses. If you have already submitted your PPP application, your lender can update you about the status of your application. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Federal Pandemic Unemployment Compensation (FPUC) is a program that provides unemployment assistance to those unemployed due to the pandemic in addition to other unemployment benefits they are eligible to receive. FPUC will be automatically paid if you receive your normal unemployment insurance benefits and will be paid as a separate payment at the same time as your other unemployment benefits. FPUC is payable for weeks claimed beginning Sunday, March 29, 2020 through the week ending July 25, 2020. Federal Pandemic Unemployment Compensation is a weekly benefit of $600. This program has been delayed in Colorado, but is expected to roll out Monday, April 20 th . Here is a breakdown of the FPUC Program.
There is an additional business stimulus program in the works by the Federal Reserve, called the Main Street New Loan Facility for businesses with less than 10,000 employee s. They are currently building the program infrastructure and you can follow their progress here . We will be monitoring it closely and updating you all as soon as the funding is solidified.