Late this afternoon, the Senate passed a bill that expanded funding for PPP by an additional $310 billion. It also increased funding for the Emergency Injury Disaster Loan (EIDL) program by $60 billion, of which $10 billion is earmarked for grants, and $50 billion for the loan program. The current language of the Senate bill does not change the qualifications of the Paycheck Protection Program; however, it does carve out $60 billion to be allocated to smaller lending institutions, such as community banks and credit unions, for companies without traditional banking relationships. We are expecting the House of Representatives to vote on the bill Thursday.
Now that most banks have processes in place to administer loans under this program, it is expected the additional funding will be exhausted quickly. If you did not have a chance to get an application in under the initial round of funding we recommend you act fast to ensure your application is ready for processing once the program opens up again.
The above represents our best understanding and interpretation of the material covered as of the date of this post. Things are moving at a rapid pace, and as such, information is subject to change. This information is provided for informational purposes only and is not intended to be a substitute for obtaining accounting, tax, or financial advice from an accountant.
