Congress Agrees to Additional Funding for Small Businesses

This is a developing story and information contained in this article is subject to change. We will continue to provide updates as new information becomes available.

Congress has agreed upon a Bi-Partisan deal to provide an additional $484 billion in funding for small businesses, hospitals, and coronavirus testing. The Senate and House are expected to quickly approve the bill with the backing of the White House. The bill is expected to be signed into law as early as this Thursday, April 23rd.

Key provisions of the bill:

  • $310 billion allocated to the Paycheck Protection Program, the small business loan program which ran out of money last week
  • $60 billion allocated to the Economic Injury Disaster Loan fund, which stopped accepting applications last week after being overwhelmed with applications
  • $75 billion in assistance for hospitals
  • $25 billion to expand testing for coronavirus around the country

Some key considerations:

  • At this point, there are no indications of a change regarding the PPP application process
  • If you applied for the PPP loan and did not receive notification from your bank or funding, we’d advise that you contact your bank to inquire about the next steps. Ask if your lender has maintained an application queue or if you will be required to apply again
  • Have all of your supporting information and documentation ready in the event you are required to apply again.
  • If you did not apply in the first application window, gather and organize your support documentation to be ready as soon as the second application window opens. As in the case of the first round, the funds are expected to be depleted quickly
  • Consider applying for the Economic Injury Disaster Loan (EIDL) should the SBA begin accepting new applications.

Refer to this handy chart to learn about the key differences between PPP and EIDL.

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