With the goal of helping small businesses survive the fallout of the COVID-19 pandemic and to keep their business afloat, the government is providing an additional $310 billion for the Paycheck Protection Program (PPP).
This relief allocation is a set aside of the $484 billion relief package that was approved by the United States Senate on Tuesday and a reopening of the PPP loan after the first one, with $349 billion allocation, was completely exhausted due to a huge number of small businesses who took advantage of the opportunity.
The $310 billion package for the PPP includes the following:
$60 billion for the Economic Injury Disaster Loan (EIDL) Program
$50 Billion for Disaster Loans Program Account
$10 billion for the Emergency EIDL Grants which offer $10, 000 advances
$30 billion to small institutions like community banks and credit unions (with assets less than $10 billion and those with assets between $10 billion and $50 billion, respectively)
Alongside with this is a fund for overwhelmed hospitals and to increase the capacity for the testing and recovery.
Currently, the bill is now set for votation in the House of Representatives on Thursday with President Donald Trump signing the act on that date as well.
To view additional information about this bill, please click the link embedded here.
If you applied on the previous stimulus package, awesome! But if you still have questions, watch our town hall discussion at Govcon Giants on YouTube.
How does the CARES Act, PPP and EIDL program work? Who is eligible? -Eric Coffie with Orlando Espinosa, SW Law Group, P.C. and Althea A. Harris.
Learn all that you can before the next round of funds are issued. Click the image below to watch the video: |
