Paycheck Protection Program Update: More Relief Money on the Way for Small Businesses
On April 21, 2020 the Senate passed the Paycheck Protection Program and Healthcare Enhancement Act to provide an additional $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).
This bipartisan deal was needed to reopen the PPP that saw its funding depleted after three weeks from its opening. As of April 16th, the SBA approved 1,661,367 loans for approximately $342 billion. Currently, the new deal sets aside $60 billion for small lenders and community banks. Another $60 billion will be added to the Economic Injury Disaster Loan (EIDL) program including $10 million allocated for EIDL grants.
The House is expected to vote on the legislation Thursday, April 23, 2020 before being sent to President Trump for signature.
If you have not submitted your PPP application, you should submit the application to your bank now, so your application can be processed once the SBA reopens the application portal.
If you have already submitted your PPP application, you should contact your bank to check your application status.