Paycheck Protection Program gets more funding from federal government

Written on: May 5, 2020 by ICM

Last week, the Small Business Administration (SBA) resumed accepting Paycheck Protection Program (PPP) applications from participating lenders. On Friday, the President signed into law the latest COVID-19 response bill that replenished the PPP with an additional $310 billion as well as an additional $10 billion for SBA’s Economic Injury Disaster Loan (EIDL).
The bill did not make any substantive changes to the PPP or EIDL program, according to reports. Congressional leadership characterize the latest COVID-19 response bill as an interim funding effort, with the expectation that they will continue to negotiate a larger “phase 4” package in the coming weeks. See more about the PPP here.
Meanwhile, the Small Business Administration (SBA) also updated its Frequently Asked Questions, including by providing additional information related to if and how the agency will review individual PPP loan files. See more here.