October 21, 2020 | By: LendVer Staff –
The Senate voted on, and failed to pass a standalone relief package yesterday that included the extension and refunding of the Paycheck Protection Program. A procedural measure, with a vote of 40 to 57, tabled the bill for a future date. The proposal would have reactivated the PPP which has over $130 billion still remaining, and added an additional $258 billion in new funding.
When will the PPP officially reopen?
It is unlikely that the tabled standalone legislation that was attempted to be pushed through by Senate Republicans yesterday, will be passed any time soon. Democratic leadership is currently in the process of negotiating a larger, more inclusive stimulus package with The White House, and both sides have recently reported that ground is being gained. The Republican lead Senate is set to vote today on an additional $500 billion slimmed down stimulus bill, but that measure is also expected to be blocked by Democrats.
Will stimulus come before November 3rd?
The White House has suggested a willingness to agree to a stimulus package of as much as $1.9 trillion. Senate Republicans have not displayed support for a relief bill of this magnitude, but the figure is much closer in number and scope to the last $2.2 trillion bill passed by the House. The proposal, being negotiated for The White House by Treasury Secretary Steven Mnuchin, still falls short of what House Democrats are seeking, but House Speaker Nancy Pelosi (D-California) has implied that progress is being made and a common ground may be possible. Whether additional stimulus is passed before the election remains to be seen, but both sides are experiencing significant political pressure to cement a deal.
There is some bipartisan agreement…
The Paycheck Protection Program which was initially passed in April and pumped over $500 billion into struggling small businesses before expiring in August, appears to be of common interest to both parties. Republicans wish to see an extension and expansion of this program passed on a standalone basis, while Democrats want to see the PPP in a more comprehensive package that addresses the needs of all Americans. If additional stimulus is to be enacted, it is likely that it will include the extension and possible expansion of the program in whole or part. A PPP expansion may even allow for small businesses that have already received a PPP loan, to get a second PPP loan.
How to apply for a PPP loan now…
The Loan Source has opened its PPP loan application portal in anticipation of Congress approving an extension to the program. The Loan Source is part of the selective SBA Preferred Lender Program, which is the highest level of approval status that a lender can receive from the SBA. This status enables a lender to directly approve SBA loans, without having to wait for SBA sign-off. The Loan Source was one of the leaders during the first rounds of the Paycheck Protection Program, originating over 5,000 PPP loans for approximately $500 million. The company is currently also servicing and handling the forgiveness process for over $4 billion of PPP loans. Since The Loan Source is not a bank, it does not require an existing relationship, or that you open up an account or transfer funds or other business services to receive a PPP loan.
Where to get affordable small business financing now…
Idea Financial is one of the few small business lenders that has been actively funding throughout the COVID-19 pandemic; applying is free, does not affect your credit, and you can receive a decision within 3 hours. Idea Financial specializes in delivering financing to a variety of small businesses, and can fund from $10,000 to $250,000 in as little as one day. Idea Financial’s core product is a business line of credit, enabling borrowers to establish a reserve capital source they can access and pay for, only when it is needed. Loan proceeds can be used for any business purpose, and borrowers can easily access and repay loan proceeds from their online dashboard. Idea Financial prides itself on having no origination fees or line of credit maintenance fees, no line of credit prepayment penalties, affordable rates starting at 1% per month, a simple and fast process, and a dedicated support team. Idea Financial also offers business term loans, and a unique “bundle” loan product that combines the benefits of a term loan and credit line into one financing package.
The likelihood of whether additional stimulus is passed before the election seems to change on a daily basis, but it is clear that time is running out. Americans will continue to wait with bated breath while legislators on both sides of the aisle work to find a common ground, and provide much needed economic stimulus that everyone is waiting and hoping for.
If you want your voice be heard then get out and VOTE. Visit Vote.org to register to vote, request an absentee ballot, or find your polling location.