A bill providing billions of dollars in new funding to the Paycheck Protection Program (“PPP”), which had exhausted the initial $349 billion allocated by the CARES Act, has been passed by both the Senate and House and is expected to be signed by the President before the end of the week. The new bill provides an additional $310 billion to the PPP, of which $60 billion will be set aside for smaller lending facilities with less than $10 billion in assets. The bill also provides additional funding for other SBA loan programs, including $10 billion for grants under the Emergency Economic Injury Disaster Loan program and $50 billion for disaster recover loans.
The additional round of funding will provide another opportunity for self-employed individuals and businesses that were unable to secure a loan. Many lenders are already accepting applications. Louis Plung & Company has helped dozens of our clients obtain PPP loans totaling more than $40 million combined and we continue to work with these clients to maximize the amount of loan forgiveness they can obtain from the program.
If you have any questions about the application process or proper utilization of the loan proceeds, we are more than happy to answer any questions. Please contact your Louis Plung & Company representative at (412) 281-8771or visit our COVID-19 Resource Page.