New $484B in Coronavirus aid

The Senate approved roughly $484 billion in new Coronavirus aid. The House is expected to pass the bill on Thursday. Here’s what’s in it:

• $310 billion for the Paycheck Protection Program (PPPL), with $60 billion of that money reserved for smaller businesses without existing banking relationships.
• $60 billion ($50 billion in loans and $10 billion in grants) for the Economic Injury Disaster Loan fund (EIDL), which is administered by the Small Business Administration (SBA) rather than banks. Farms and other agricultural programs are now eligible for those funds.
• $75 billion for cash-strapped hospitals and healthcare providers to help them cover the massive costs associated with responding to the virus.
• $25 billion for Coronavirus testing—$11 billion of that money is earmarked for states and local governments to expand their testing capacity.

If you did not already apply for the EIDL or PPPL program, this maybe your chance.  For the EIDL program, watch the SBA.gov website to see when they open the application process again.  It could happen as early as Friday or Saturday.  If you want to apply for the PPPL program, talk to your bank now.  Get your application and documents together so you are ready to go when funding is available. This sounds like a lot of money, but it will go quickly.

Here are helpful links:
Link to PPPL and EIDL applications - https://www.sba.gov/funding-programs/loans/coronavirus-relief-options

Relief Wizard Tool - If you answer the questions, the relief wizard will point you to the programs you are eligible to apply for, based on your answers.  https://reliefwizard.net/
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Need help with this?  SBA Daily Calls & Webinars (when funding is available again)
The SBA conducts daily webinars and conference calls to help small business owners understand and apply for the coronavirus relief options. The SBA offers these programs: Paycheck Protection Program, EIDL Loan Advance, SBA Express Bridge Loan, SBA Debt Relief.

• 3:00 pm – Daily Conference Call- 202-765-1264; ID # 827-299-626
• 5:30 pm – Daily Conference Call - 202-765-1264; ID # 310-688-488
• 10:30 am and 8:00 pm Daily – Zoom Webinar Meeting # 6794772946  Have all your necessary documents ready.