Search
  • Marty J

Paycheck Protection Program Update | 4/23/2020

Dear Valued Clients & Partners,


We wanted to give everyone an update on the SBA Paycheck Protection Program loans and what is coming down the pipeline. As many of you have already been made aware of, the original round of PPP funding has been depleted much quicker than anticipated. Just this week, the Senate has reached an agreement to add an additional $310 billion into the Paycheck Protection Program to refill the depleted PPP funds and assist small businesses that missed out in round one. Our team has been in constant contact with members of the SBA regarding this “second round” of funding and will release information regarding it as soon as it becomes available.


What we do have, however, is the following information regarding the second relief package:

  • $484 billion: Size of the total relief package

  • $310 billion: New amount allocated for Paycheck Protection Program

  • $250 billion would be open to all lenders

  • $60 billion would be reserved specifically for smaller lenders

  • $10 billion would be reserved for emergency grants

  • $75 billion would go to help hospitals

  • $25 billion: COVID-19 testing


As always, please let us know if you have any questions. We will continue to keep you informed!


2 views

Recent Posts

See All

Important PPP Program update | 4/16/2020

We all knew that the first round of PPP funds was going to be exhausted at an incredible rate. A second round of PPP Monies have already been requested from the SBA to congress, so we feel it is st

SBA 7(a) PPP Update | 4/13/2020

Since SBA’s PPP loans were launched just six business days ago, the lending community has received a demand surge that is unlike anything we have ever seen. Like many, we have been somewhat overwhelme

© 2020 11 Capital Finance, LLC | ApplyForRelief.com

11 Capital Finance is an independent financial brokerage firm. 11 Capital Finance is not the direct lender. Final Loan application is underwritten by the applicable licensed SBA 7(a) lender

Terms and Conditions | Privacy Policy

For EIDL loans please apply directly through the SBA here. 11 Capital Finance, in this instance, works of behalf of both the borrower as a loan packaging agent. Final underwriting and loan payment is completed by our licensed SBA 7(a) lending partner. SBA lending guidelines must be met to fund the loan.

11 Capital Finance, LLC is a Pennsylvania Limited Liability Company with principle address located at: 20 West Vine St. #575, Lansdale, PA 19446 | info@11capitalfinance.com