If you were one of the many businesses left out in the cold by the first round of Federal business stimulus financing there is some good news. Today President Trump signed into law the second round of funding for the Federal Government's COVID-19 business stimulus programs. This Act provides much needed additional funding for the Small Business Administration’s (“SBA”) most popular pandemic stimulus programs, the Paycheck Protection Program (“PPP”) and the Economic Injury Disaster Loans (“EIDL”). The $480 billion includes funding for the following programs:
- $310 billion for PPP
- $30 billion for banks and credit unions with between $10-billion and $50 billion in assets
- $30 billion for financial institutions with under $10 billion in assets
- $60 billion for EIDL, including $10 billion in forgivable advances ($1,000 per employee with a cap of $10,000)
- $75 billion for hospitals
- $25 billion for COVID testing, with $11 billion to be used by state and local governments
If you already applied for funding please check with your bank to make sure your application is ready to go. If you have not applied and want to do so, please act quickly by contacting your bank and completing the application and supplying the required information in order to submit your application.
Laddey, Clark, & Ryan, LLP, remains fully operational during the Coronavirus (COVID-19) pandemic. Please rest assured that our attorneys, paralegals, and staff continue to be available to you and to fulfill your evolving legal, business, and personal needs. Throughout this difficult period, you can expect that the team at Laddey, Clark, & Ryan will continue to answer your emails and calls promptly and be completely available to you, exemplifying the client service and responsiveness we have always been committed to providing.