UPDATE:
On Thursday, April 23 the House passed the Paycheck Protection Program and Health Care Enhancement Act and on Friday, April 24, the President signed it into law. This legislation replenished the depleted funds for both PPP and EIDL loans.
On Tuesday, April 21, the Paycheck Protection Program and Health Care Enhancement Act was announced. This legislation is aimed at providing a new round of funding to small-business measures, which had appropriations lapse last week.
On Tuesday evening, April 21, the Senate passed the $484 billion legislation by a voice vote. On Thursday, April 23, the House is expected to pass the legislation, sending it to the President’s desk for signature.
Notable inclusions in this bill are:
- $310 billion in additional funds available for Paycheck Protection Program loans, $60 billion of which is set aside for small and medium community lenders.
- $60 billion in additional funds for the EIDL program. $50 billion will go to loans and $10 billion to grants.
- $75 billion in additional funds for hospitals.
- $25 billion earmarked for testing.
If you missed out on PPP funding in the initial round of appropriations, we recommend that you contact your bank or a non-bank processor, such as PayPal, to apply as soon as possible. However, our expectation is that EIDL applications will not go live again until after the bill is signed into law.
Congress has deemed this to be an “interim” emergency legislation – not the “Phase IV” round that remains the subject of much speculation.
