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Paycheck Protection Program Funds Replenished via CARES Act 3.5

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President Donald Trump signed a $484 billion coronavirus aid package. The legislation replenishes $310 billion for the Small Business Administration’s Paycheck Protection Program. The package also allows farmers to be eligible for Economic Injury Disaster Loans and the Emergency Economic Assistance Grant program. Get more information here.

SBA Unable to Process Further PPP Applications

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The Small Business Administration is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. To learn more about the relief options available for businesses, click here.

SBA Paycheck Protection Program Information

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As part of the CARES Act signed by President Trump on March 27, the Small Business Administration is directed to administer a new Paycheck Protection Program loan to facilitate the delivery of $349 billion. 
 
There has been a lot of attention to the PPP program because it includes terms to forgive the loan if the proceeds are used for eligible business expenses, primarily payroll and payroll costs such as benefits. The intention of the program is to provide funding to businesses impacted by COVID-19 so that they can avoid laying off employees. 
 
The program funds will be delivered through the Farm Credit associations local banks and credit unions. The SBA is still working out details for this new program so much of this is still in draft form. Read more.