Rep. Zupkus: (PPP) Small Business Assistance is Here
This article was archived from the previous WordPress site. Formatting and media should be close, but may not match the original post perfectly.
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 April 27 at 10:30am.
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.