Letter from Mark Kajita to Business Owners with Latest News on PPP Funding
Dear Business Owners,
I wanted to write to you today in regards to the Paycheck Protection Plan (PPP). As of this morning, April 16, 2020, Baker Boyer has been notified that the $350 billion plan has reached its maximum payout amount. At this time, we are unable to secure funding for any client that has neither submitted an application nor those whose applications were in our queue for final approval by the Small Business Administration.
There is current discussion to replenish funding of the PPP program, but that final authorization will need to come through Congress and the President of the United States. We are hopeful that these additional funds will be made available in the near future.
In the meantime, Baker Boyer will continue to accept applications as well as continue to finalize current applications that had not received funding in order to be prepared to apply for authorization of additional funds in the future. We cannot promise either that the additional funds will be forthcoming or that once additional funds are available that any applicant will be processed, approved and/or authorized in time to meet the new funding limit. What we can do is continue to work for our clients, so that if funds are available, Baker Boyer will be prepared to seek authorization from the SBA as quickly as possible.
Thank you for your understanding during this extremely difficult time. We will keep you updated on any progress in this matter.
Mark H. Kajita, CPA
President and CEO
Baker Boyer Bank