Congress has approved a new $480 billion package to deliver aid to small businesses and hospitals and expand COVID-19 testing. The package includes an additional $310 billion for the Paycheck Protection Program (PPP) and $60 billion for the Economic Injury Disaster Loans (EIDL) Program, including the emergency loan advance grants. Businesses that have already submitted a successful application for the PPP may receive funding under the new appropriations, although it could take some time to arrive as banks and the SBA begin processing applications again.
Businesses that have not applied for the PPP are urged to immediately contact their primary banking institutions to provide the necessary documentation. Estimates indicate that most of the new funding may already be called for, due to an overwhelming backlog of applications that have been accumulating since the initial round of funds were exhausted last week. We've updated our blog from last week about options for businesses—whether you've received PPP funding or not.
The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 9:30 AM CST.
With the additional funding provided by the new COVID-19 relief package, SBA will resume processing EIDL Loan and Advance applications that are already in the queue on a first come, first-served basis.
We will provide further information on the availability of the EIDL portal to receive new applications as soon as possible.
To learn more about the relief options available for your business, click here.