Chris Cruger
on
$370 billion to replenish SBA’s Paycheck Protection Program and the Economic Injury Disaster Loan Program
Congress moved quickly to pass legislation that appropriates an additional $484 million to continue to finance the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Program (EIDL), along with several other initiatives aimed to mitigate the economic hardships caused by Covid-19.
Following the Senate’s approval Tuesday, the House passed the bill last night and President Trump is expected to sign it into law today.
The new legislation provides an additional $310 billion in new funding for the PPP and $60 billion for the EIDL. It also allocates $75 billion for hospitals and health care providers, and $25 billion for the development and expansion of coronavirus testing,
The $310 billion for the PPP includes $30 billion reserved for community-based lenders, small banks and credit unions and $30 billion reserved for mid-sized banks and credit unions.
As we are learning to navigate through these times of uncertainty and adjusting to our new normal, we here are at The Foresight Companies want to be your go-to source for all topics related to your business operations.
Please visit our COVID-19 new Business Operations Resource Center frequently as we continue to update as changes are occurring.
If you have any questions or concerns please do not hesitate to pick up the phone and give one of us a call at 1-800-426-0165.
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