PPP

President Signs Paycheck Protection Program and Health Care Enhancement Act

April 25, 2020 – The Paycheck Protection Program and Health Care Enhancement Act was signed by the President yesterday which, among other things, replenished funds for the Paycheck Protection Program and Economic Injury Disaster Loan programs.  The SBA will resume accepting PPP applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.  The SBA online application for EIDL applications remains unavailable as of 10:00am this morning.

House Passes H.R.266 – Paycheck Protection Program and Health Care Enhancement Act

April 24, 2020 – The House voted last night to pass the Paycheck Protection Program and Health Care Enhancement Act which increases funding for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program.  Applications for PPP are submitted via SBA approved lenders.  Check with your bank.  Applications for EIDL are submitted via the SBA website.  The SBA stopped accepting EIDL applications when the initial funds were exhausted within the first two weeks.  As of 9:00am this morning, the SBA online application form for EIDL remains unavailable but will likely relaunch very soon.

Senate Passes Bill to Increase Paycheck Protection Program and Economic Injury Disaster Loan Funding

April 21, 2020 – The Senate passes Bill amending the CARES Act to increase funding for PPP and EIDL programs.  The Bill is reportedly going to the House where a vote is expected this Thursday.  Media reports indicate the Bill adds $310 billion to the PPP and $60 billion to EIDL programs as well as funds for other relief.  If passed and signed into law by Thursday evening the PPP and EIDL programs may be re-opened for new applications as early as Thursday night or Friday morning.  Final text of the Senate Bill can be found here.  A summary can be found here.   Media reports can be found at Fox News, Arizona Republic and The Hill among other sources.

Payroll Protection Program (PPP) – Lender Information

For lenders interested in participating in the PPP program, an “Information Sheet” can be found here.

For existing SBA lenders interested in applying to participate in the PPP program, the Lender Application Form can be found here.

Form of Agreement between SBA and lenders who wish to participate in the PPP program can be found here.