Today, April 24, 2020, President Trump signed into law an amendment to the CARES Act relating to additional funding for the Paycheck Protection Program (PPP), Emergency Economic Injury Disaster (EIDL) grants, and other disaster loans. Specifically, the amendment provides for an extra $310B in funding for PPP and $10B for EIDL grants. Additionally, $50B in Small Business Administration disaster related loans were approved.
Now that the amendment has been signed into law, banks are unrestricted to commence processing PPP loans on behalf of applicants. As with the first round of PPP/EIDL funding, it is unclear how long the funds will last. However, unlike the first round, it is now anticipated that once exhausted, the funds may not be replenished. We continue to monitor this ever-changing situation. If you would like assistance in assessing your eligibility for or applying to these loan programs, our attorney team is here to help. Please contact us using the form below, or give us a call at 610-797-9000.