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Congress has just passed legislation to add additional funding the Paycheck Protection Program (PPP). The President is expected to sign the bill later today. Thank you to all of you who weighed in and urged your lawmakers to support this important bill to keep the PPP afloat. It’s a critical program that is sustaining the backbone of our economy: small business.
Here’s a breakdown of what’s in the law:
1.) $310 billion increase for PPP
- Sets aside the following amounts:
- $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion
- $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion
- No changes to eligibility for the PPP
2.) $10 billion increase for EIDL Grants and an additional $50 billion to
support EIDL Loans
3.) $75 billion increase for reimbursement to hospitals and healthcare
Providers4.) $25 billion for COVID-19 tests
