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COVID-19: Additional Funds for Paycheck Protection Program

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The Paycheck Protection Program and Health Care Enhancement Act (the Act), recently passed and signed into law, a second round of Paycheck Protection Program (PPP Loan) funding of $310 billion.
April 24, 2020

The Paycheck Protection Program and Health Care Enhancement Act (the Act), recently passed and signed into law, a second round of Paycheck Protection Program (PPP Loan) funding of $310 billion. The Act provides additional funds and expands on the Economic Injury Disaster Loan (EIDL), as well as the EIDL grants.

Those who have not yet confirmed with their lender that their application for the PPP Loan is ready for processing will want to do so as soon as possible. Current expectations for this round of funding predict it will run out more quickly than the first round, and those who have not yet started their applications may miss the opportunity to benefit from this unique program.

Under the Act, certain agricultural enterprises that were previously unable to apply for an EIDL are now eligible to apply directly to the Small Business Administration.

If you have any questions about this or any other matters, please reach out to your RubinBrown contact or visit our contact page.     

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