Senate Approves Additional Funding

Senate Approves Additional Funding

On Tuesday April 21, 2020, the Senate approved an additional $484 billion in funding for COVID-19 relief. The bill is currently in the house and is expected to be finalized on Thursday. $370 billion of the additional funds will be allocated to the Small Business Administration to support small businesses which will be used as follows:

  • $310 billion to the Paychex Protection Program Loans (PPPL),
  • $50 billion to the Economic Injury Disaster Loan Program (EDIL), and 
  • $10 billion will be allocated to SBA $10,000 grant program.

What does this mean for your business? If you have applied and haven’t received funding, you may see that coming shortly. If you haven’t applied, you still have a chance!

See additional details on the funding here.

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