Congress Approves Additional Funding for Paycheck Protection Program

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More help is on the way for the country's small businesses. On Thursday, the U.S. House of Representatives approved an additional $310 billion in funding for the Paycheck Protection Program (PPP), as part of a larger $484 billion package. Another $60 billion will be used to replenish the SBA's Economic Injury Disaster Loan program, which provides working capital loans of up to $2 million to small businesses.

The Senate had already passed the legislation and the President is expected to sign it into law quickly.

Gray, Gray & Gray recently hosted a webinar explaining the updated details of the PPP program, how to apply, and how to maximize loan forgiveness. You can access a recording of the 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 legislation 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 also includes an additional $75 billion for reimbursements to hospital and health care providers, and $25 billion for coronavirus testing.

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

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