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Second Round of Small Business Loans
With the passing of a second business relief package, the SBA will resume taking applications for business assistance under the Paycheck Protection Program and Economic Injury Disaster Loan Program Monday morning at 10:30am on April 27th.
The new package includes:
An additional $320 billion for the Paycheck Protection Program (PPP) with a greater focus on helping small businesses:
- 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 $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.
