Yesterday, the United States Senate approved roughly $484 billion in new Coronavirus aid. The House of Representatives is expected to vote on the bill tomorrow. The Senate bill contains:
- $310 billion for the Paycheck Protection Program (PPP), with $60 billion of that money reserved for smaller businesses without existing banking relationships.
- $60 billion ($50 billion in loans and $10 billion in grants) for the Economic Injury Disaster Loan fund (EIDL), Farms and other agricultural programs are now eligible for those funds.
For companies that have not already applied for the EIDL or PPP loan program, once the package is signed into law, this will be another opportunity. For the EIDL program, check the SBA website regularly for reopening of the application process. For a PPP loan, talk with your lender now. Get your application and documents together so you are ready to go when funding is available.
Commerce is no longer accepting applications for its Emergency Relief Manufacturing Fund. All applications are currently being reviewed. If you have already started an application, it must be completed by 5 p.m. on April 22 (TODAY) in order to be considered.