These programs are especially important for small businesses now that the PPP has been exhausted for most. The SBA will approve applications in tiers, addressing those with the most revenue loss first. In April, the SBA also reopened applications for the Shuttered Venue Operators Grant Program, which has $16 billion in funding for theater owners and other live venue operators who had to close during the pandemic. In the first two days of the program, 186,200 restaurants, bars and other eligible businesses applied for funding, according to a White House report released Wednesday. There are worries that the funding won't be enough to help all the businesses that still need support.
![blue acorn ppp phone number blue acorn ppp phone number](https://i2.wp.com/brunchvirals.com/wp-content/uploads/2021/04/Blue-Acorn-Loan-Forgiveness.png)
In the first 21 days, the SBA will only approve applications from small businesses owned by women, veterans or socially and economically disadvantaged people.
![blue acorn ppp phone number blue acorn ppp phone number](https://i0.wp.com/www.gistvic.com/wp-content/uploads/2021/04/blueacorn1.jpg)
The program was established in March as part of the $1.9 trillion stimulus package and was allocated $28.6 billion in funding. The SBA's Restaurant Revitalization Fund began accepting applications on Monday. There are other relief programs available through the SBA, including some that also give grants to businesses. eases restrictions, small businesses are still struggling. Other relief available for small businessesĮven as vaccinations continue and the U.S. In addition, banks and borrowers also called on the SBA and Congress to make some of the rules retroactive to help more businesses as the U.S. The updated rules helped some borrowers who had been shut out of forgivable funding get loans, but also added to confusion and frustration for others who missed out on bigger loan amounts by just a few days. In addition, the Biden administration this year relaxed certain rules for borrowers, changed the loan calculation formula for sole proprietors and gave the smallest businesses a priority application window. This year, Congress allocated about $292 billion to a new round of the program, allowing some businesses to apply for second-draw loans. Since its inception, the program has given more than $780 billion in forgivable loans to more than 10.7 million borrowers, according to the latest available data. The PPP was established in March 2020 as part of the CARES Act in response to the coronavirus pandemic. "Everybody's going to be waiting now to see what the SBA does, if anything," said Hurn.
![blue acorn ppp phone number blue acorn ppp phone number](https://i.ytimg.com/vi/LIpopTTNVH8/maxresdefault.jpg)
Other lenders also have backlogs awaiting SBA approval, and more applications they could have submitted.Ĭhris Hurn, chief executive of Fountainhead Commercial Capital, a nonbank lender, said he has a backlog of more than 60,000 applications pending validation from the SBA, and nearly 35,000 more that could be submitted if the portal wasn't closed.
BLUE ACORN PPP PHONE NUMBER FREE
More from Invest in You: You can still tap free money for college - here's how How I learned about investing in stocks - and you can, too College students get career experience as social media brand ambassadors The bank, which was processing about 20,000 PPP loans per week, still has thousands of borrowers who are now stuck in the pipeline, Sidhu said. "We did get caught off guard a little bit," said Sam Sidhu, vice chairman and chief operating officer at Customers Bank, a subsidiary of West Reading, Pennsylvania-based Customers Bancorp. While many lenders and borrowers thought that the program would likely run out of money ahead of the May 31 deadline, the exact timing wasn't known. The exhaustion of funds, which was announced Tuesday, comes just weeks after the PPP was extended through the end of May to allow borrowers more time to apply for the forgivable loans. The SBA will continue to fund outstanding approved PPP applications from other lenders but won't accept any new applicants.