Additional Funding for Paycheck Protection Program

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Additional Funding for
Paycheck Protection Program

Congress is set to refill the coffers of the Paycheck Protection Program (PPP) portion of the CARES Act to help support small businesses during the economic disruption caused by the Covid-19 pandemic. On Tuesday, April 21, the Senate approved an additional $310 billion in funding to replenish the PPP program, which is administered by the Small Business Administration (SBA). The bill now moves to the House, which is expected to vote on Thursday. President Trump has already indicated he will sign the legislation.

On Thursday, April 23 at 1:00 pm EDT, Gray, Gray & Gray will be hosting a webinar explaining some of the updated details of the PPP program, how to apply, and how to maximize loan forgiveness. You can register for the free webinar by clicking here .

The initial PPP program depleted its $349 billion in funding in just 12 days. In an effort to make PPP loans more accessible, the new bill sets aside $30 billion for loans by FDIC-insured banks and credit unions that have assets between $10 billion and $50 billion; and an additional $10 billion for lenders with less than $10 billion in assets.

The new measure passed by the Senate totals $484 billion and includes an additional $75 billion for reimbursements to hospital and health care providers, and $25 billion for coronavirus testing.

Another $50 billion in small business funds not included in the PPP program will go to the SBA's Economic Injury Disaster Loan (EIDL) program, which provides working capital loans of up to $2 million that small businesses may use to pay fixed debts, payroll, accounts payable, and other bills that can't be paid because of the impact of a disaster. The SBA also will receive $10 billion for small business grants of up to $10,000 for disaster relief.

It was also not immediately clear if any changes would be made to the guidelines for PPP loan approval.

If you need assistance in applying for a PPP loan or SBA EIDL loan, please contact Gray, Gray & Gray at (781) 407-0300.

Gray, Gray & Gray Coronavirus Response and Resource Page

As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find ongoing updates on Gray, Gray & Gray's response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.

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