The Senate has passed the Paycheck Protection Program and Health Care Enhancement Act, which will add an additional $320 billion to the Paycheck Protection Program (PPP). This is in addition to the $349 billion that was previously authorized under the CARES Act.
According to bill summaries we have seen, this latest legislation will also add an additional $60 billion for loans and grants under the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program, $75 billion for hospitals, and $25 billion for coronavirus testing.
We do not know whether this latest legislation will provide any additional clarity as to loan eligibility or loan forgiveness.
The bill is now being sent to the House (where it is expected to be passed), and then to the President, who is expected to sign it.
So, if your loan has been paused or if your Bank did not accept your application because they ran out of money, get your paperwork together because you may be able to be funded in this second round.
If you want more information on these loans, please scroll down to view our earlier blog posts on these topics.