On Tuesday, April 21, the Senate approved a $484 billion bill, allocating an additional $310 billion in funds to the Small Business Association’s Paycheck Protection Program, whose original funds were depleted after only one week. The legislation now heads to the House and is scheduled to be taken up Thursday. If approved by the House, it will be sent to the President for signature. President Trump has already promised to sign the bill into law.
Of the $310 billion in additional funds to be allocated for the Paycheck Protection Program, $125 billion will be earmarked “exclusively to the unbanked, to the minorities, to the rural areas, and to all of those little mom and pop stores that don’t have a good banking connection and need the help,” Senate Minority Leader Chuck Schumer promised. The bill also provides $60 billion in additional funds to a separate small-business emergency grant and loan program.
Start working with your bank right now to secure qualifying PPP loans in this second wave before the allocated funds are again depleted. Let us know if you need additional information regarding your eligibility for a PPP loan or other federal/state loan programs that may mitigate the effects of the coronavirus pandemic on your business.
Keep up with our ongoing COVID-19 resources, guidance and updates at our RESOURCE CENTER.
For more information on this alert and its impact on your business, please call 405.606.4732 or email me.
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