PPP Re-funded

On April 24, 2020, President Trump signed into law a $484 billion coronavirus-relief package.  The measure replenishes two depleted small-business loan programs, sends more assistance to hospitals and funds an expansion of testing capacity nationwide for the virus.  Economic Injury Disaster Loans and Grants received approximately $60 billion. The Paycheck Protection Program (PPP) received approximately $320 billion, with $60 billion set aside for small, midsize and community lenders.  This makes the community banks and smaller credit unions even more attractive places to obtain a PPP loan, as the larger banks may claim the other $250 billion within a day or two of the SBA opening back up their E-Tran System to get PPP loans approved. It’s quite possible that the community banks and smaller credit unions may still be processing loans after the large banks tap the $250 billion they can allocate from.

Join us Tuesday, April 28 at 11am for a webinar where we will focus on the details of this new funding and PPP Loan Forgiveness. Register here.