President Trump signed on April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act which includes:
- $320 billion for the Paycheck Protection Program with $30 billion dollars going to small financial institutions
- $50 billion dollars for the Economic Injury Disaster Loan Program to provide loans to small businesses and farms
- $75 billion dollars for hospitals and healthcare providers
- $825 million dollars for community health centers and rural clinics
- $25 billion dollars for Coronavirus testing
U.S. Treasury Secretary Steven T. Mnuchin and Administrator of the Small Business Administration (SBA) Jovita Carranza issued the following statement, on the resumption of the Payroll Protection Program (PPP):
“We are pleased that President Trump has signed into law the Paycheck Protection Program and Health Care Enhancement Act, which provides critical additional funding for American workers and small businesses affected by the coronavirus pandemic.”
“The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for changes made by the legislation.
“The PPP has supported more than 1.66 million small businesses and protected over 30 million jobs for hardworking Americans. With the additional funds appropriated by Congress, tens of millions of additional workers will benefit from this critical relief.
“We encourage all approved lenders to process loan applications previously submitted by eligible borrowers and disburse funds expeditiously. All eligible borrowers who need these funds should work with an approved lender to apply. Borrowers should carefully review PPP regulations and guidance and the certifications required to obtain a loan.
For more information visit the Small Business Administration website