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!