Later this week and possibly as soon as Thursday, April 23, 2020, it is anticipated that Congress will approve an additional $310B in Paycheck Protection Program (PPP) funding and allocate an additional $10B for Emergency Injury Disaster Loans (EIDL) after the initial round of funding for both programs quickly dissolved. As with the first wave of funding, it is expected that the additional funding for both PPP and EIDL will be depleted and may not be replenished. It is critical that businesses use this short window to gather all necessary documentation (e.g., Schedule C from Form 1040, Form 941, Payroll reports, bank statements, etc.) and have their completed PPP and/or EIDL applications “ready to go.” In addition, businesses should be in contact with their bank to ensure that previously submitted PPP applications that were not previously approved are complete and ready to be processed through the SBA as soon as the program re-opens.
We continue to monitor the 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.