Paycheck Protection Program Update
April 22, 2020
Last night the senate passed a $482 Billion Dollar Relief Package. As part of this package, $310 Billion was set aside as additional funding for the SBA Payroll Protection Program. It is expected that Congress will pass the law and the President will sign it by this
Friday, April 24, 2020.
The new $310 billion for the Paycheck Protection Program includes $60 billion set aside for — and divided equally among — smaller banks and community lenders that seek to focus on underbanked neighborhoods and rural areas. Many smaller and minority-owned businesses missed out on the first round of assistance. Another $60 billion would be available for small-business loans and grant programs delivered through an existing small business disaster aid program, $10 billion of which would come in the form of direct grants.
What should every eligible small business and self-employed individual do now?
If you have already applied and are not yet funded
Contact your bank to ensure that your application is in the que and that it is ready to be sent to the SBA by the bank.
If you have not applied for the Payroll Protection Program or other SBA Disaster Loans
Prepare your application today and submit the application to an eligible SBA bank
It is likely that these newly available forgivable loans will not last long. Therefore, time is of the essence with the application process. TRS CPA Group is available to assist you with the preparation of your applications and to answer questions related to the PPP loan funding process. Please contact our office and our professional staff will be available to answer your questions.