We told you last week about the PPP Paycheck Protection Program, that would convert the Small Business Association loans to grants if used to protect the income of your employees.
Today we have to tell you to wait on this; the entire program is out of funds. There have been no explanations why. We are waiting for someone to explain where the money has gone and why there wasn't enough. If you started a loan, there's no telling where it stands. Best bet is to check with your lender.
However, Congress is demanding an explanation, and we think you deserve one as well. Please work with your House Representative, never mind the party, to insist on both an accounting of the funding and to equally insist the program be extended and sufficiently well funded. This is money for small business, for profit and non profit, and for employees. It's not disposable but essential.
To contact your Representative and Senators, go to IMPACT activism pages here
The Senators are taking turns being in Washington DC, so contact the local office near you to see whether to call the national capitol offices. House district offices will, however, help you with the status of loans and advocacy, and they are a great place to start. You will find local phone numbers on the IMPACT links.
If and when we learn anything more, we will let you know.