Despite concerns about the current level of funding for the new Paycheck Protection Program, veterinary practices interested in the loan program should continue working with a lender to get their application in the queue.
The AVMA is urging Congress to quickly pass legislation that would add $250 million more funding to the program. The Small Business Administration recently said it wouldn’t be able to issue new Paycheck Protection Program loan approvals because of low funding levels.
It’s expected that a new infusion of funds will be approved once negotiations can be worked out about the details of what else might be included in the bill. Meanwhile, for any veterinary practices that want to make an application but haven’t yet done so, we recommend you continue to work with your lender, or another lender if needed.
Some banks might continue to take applications, but others may not. If you’re unable to apply with a lender at this time, be sure to have all of the necessary documentation ready so you can apply as soon as your lender will allow. Find detailed information about the small business loan programs included in the federal stimulus package on the AVMA's dedicated COVID-19 website.
Learn about loan program updates with free webinar
A new AVMA Axon webinar provides updates about the small business loan programs available to veterinary businesses impacted by the COVID-19 pandemic, including the Paycheck Protection Program. Accountant Terry O’Neil, a partner in Katz, Sapper & Miller’s Veterinary Services Group, compares Paycheck Protection with other available loan forgiveness programs, such as Economic Injury Disaster Loans (EIDL), to help attendees understand which option might be right for individual businesses.
Watch now on AVMA Axon