Posted on April 25, 2020 by admin
With the passing of a second business relief package, the U.S. Small Business Administration (SBA) on Monday, April 27 will resume taking applications for business assistance under the Paycheck Protection Program and will restart processing of Economic Injury Disaster Loans.
Visit the PPP web page here.
The new federal package includes:
An additional $320 billion for the Paycheck Protection Program with a greater focus on helping small businesses (view a list of lenders here)
Minimum of $30 billion in PPP will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets.
Another $30 billion in PPP at least will go to banks and credit unions with assets between $10 billion and $50 billion.
An additional $60 billion in loans and grants for the Economic Injury Disaster Loan Program. (This program provides a $10,000 emergency grants as well as loans for eligible businesses)
Businesses should contact their banks as soon as possible to check on previously submitted applications or to file a new application.