Paycheck Protection Program Loans REOPENED: UPDATED 4/28/20

PPP The bill approved by the House includes:

  • $310 billion for the Paycheck Protection Program, including $30 billion allocated specifically to community lenders, small banks and credit unions, and $30 billion to medium-sized banks and credit unions.

  • $60 billion for the U.S. Small Business Administration’s Economic Injury Disaster Loan Program, which includes $10 billion in emergency grants for businesses.

  • $75 billion in resources for hospitals, including personal protective equipment. 

  • $25 billion for COVID-19 testing.

Previous Updates

On April 16, the SBA announced that it “is unable to accept new applications”. Until Congress approves more funding, the SBA will not be able to issue new loans.

Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan that helps businesses keep their workforce employed during the COVID-19 crisis. This is part of the $2.2 trillion stimulus package Congress passed in March.

The SBA was authorized to approve $249 billion in PPP loans for small businesses (businesses with fewer than 500 employees). These loans provide funds to pay up to eight weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgage interest, rent, and utilities.

Click on the SBA links below to understand who is eligible, how to apply, what is needed to apply, how the loan can be forgiven and much more.


 
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Layne Frick,
Risk Advisor
FEE INSURANCE GROUP

Source: SBA.gov

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