The Small Business Administration officially closed its Paycheck Protection Program loan portal to new applications on May 31. PPP was the main relief option for besieged small business owners, including vending and office coffee service operators.
The program, renewed several times over the course of 2020 and early 2021, lent $798 billion to 8.5 million small businesses. Existing borrowers may be eligible for PPP loan forgiveness. Click here for more information on SBA’s loan forgiveness program.
PPP was one of eight relief programs. The others are: Economic Injury Disaster Loan (EIDL), EIDL Advance, Targeted EIDL Advance, Supplemental EIDL Advance, Restaurant Revitalization Fund, Shuttered Venue Operators Grant and SBA Debt Relief program.
SBA lists all its COVID-19 relief options here.
“I’ve heard story after story from small business owners across the country about how PPP funds helped them keep the lights on, pay their employees – and gave them hope,” said SBA administrator Isabella Casillas Guzman.