PPP Funding Replenished; What to Do Now

This week, Congress approved and President Trump will sign new funding legislation that does the following:

• Authorizes another $310 billion for the Paycheck Protection Program (PPP) — the SBA’s forgivable loan. ($60 billion of this will be earmarked for smaller lending facilities to better reach businesses that are minority-owned and in rural areas).
• Provides $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan (EIDL) program and $50 billion for other emergency disaster loans and grants.
• Provides $75 billion for hospitals and $25 billion for COVID-19 testing.

If your business plans to apply for the PPP or EIDL, OMA Connections Partner GBQ Partners has this information on what you need to do now.

If you need free business counseling on SBA programs, find local expertise here. 4/23/2020