Write a commentThe passage of this bill injects additional funding to the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL).
The PPP will receive an additional $310 billion in funding and will be disbursed as follows:
- $30 billion for Insured Depository Institutions and Credit Unions with between $10 billion and $50 billion in assets
- $30 billion for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets
- $50 billion for SBA Disaster Loan Program
- Accepting new applications starting Monday, April 27th at 10:30 am, contact your bank for assistance
For more information on the PPP program, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.
The EIDL will receive an additional $10 billion in funding and eligibility is expanded to include agricultural enterprises with less than 500 employees.
For more information on these programs, visit https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance.
