On Tuesday, April 21, 2020, the Senate passed an amendment authorizing additional support for small businesses. The amendment includes approximately $484 billion in funds for small businesses and hospitals and increases funding for testing.
For small businesses specifically, the amendment authorizes an additional $310 billion for the Paycheck Protection Program (PPP) – $250 billion under the existing CARES Act guidelines and an additional $60 billion earmarked specifically for smaller banks and community financial institutions with under $50 billion in assets. In addition, the amendment also includes $60 billion in additional funds for the Economic Income Disaster Loan program administered by the Small Business Administration.
Lawmakers rushed to re-fund the relief program after the PPP allocated its initial $350 billion after less than two weeks.
Learn more about the CARES Act relief loans and qualification information on BPM’s COVID-19 Resource Center.
For more information about how BPM can help you navigate the SBA loan process and the detailed process that follows approval, contact BPM Partner Terry Hill.