On Friday April 24th, President Trump signed into law a $484B relief package, primarily to replenish the immensely popular Paycheck Protection Program (PPP) under the CARES Act. Small businesses across the United States who qualified for the PPP program were able to apply beginning on April 3rd, with funds running out late last week. The additional CARES Act stimulus also includes funding for the Economic Injury Disaster Loan Program, hospitals and COVID-19 testing. The main components of the bill include:
- $310B in Paycheck Protection Program funding, with $60B allocated to smaller lending institutions
- $50B in Economic Injury Disaster Loan funding
- $75B in funding for Hospitals
- $25B in funding for COVID-19 Testing
We encourage you to reach out to your banker as soon as possible, as we anticipate funds for the second round of PPP relief to be allocated to small businesses quickly. Please feel free to contact us if you have any questions and visit our COVID-19 Updates & Resources page for continuous updates.