On Friday, April 24th, the President signed a $484 billion interim coronavirus funding bill which will replenish the emergency loan program for small businesses called the Paycheck Protection Program (PPP). This bill will also provide billions of dollars in funding for the Economic Injury Disaster Loan program (EIDL), hospitals and will allow for expanded coronavirus testing. The federal government resumes accepting PPP applications Monday morning, April 27th, 2020 at 10:30 AM EDT.
The $484 billion will be allocated as follows:
- $322 billion — is for replenishing the PPP, which dried up very soon after the application window opened.
- Roughly $60 billion of that total will be allocated to small lenders and community banks.
- $60 billion for the Economic Injury Disaster Loan program, which reaches communities and small businesses in underserved areas.
- $75 billion for hospitals.
- $25 billion to expand coronavirus testing.
We will keep you informed as information is released for the replenishment of PPP and other CARES Act funds.
If you have questions as it relates to the CARES Act, contact our experts today.