On April 24, 2020, the President signed into law the Paycheck Protection Program and Health Care Enhancement Act (“Act”) which, among other things, provides an additional $321 billion for the Small Business Administration’s (SBA) popular and underfunded Paycheck Protection Program (PPP). In addition to the Paycheck Protection enhancements, the Act provides an additional $50 billion to the SBA for Economic Injury Disaster Loans (EIDL) under Section 7(b) of the Small Business Act, as well as an additional $10 billion for emergency EIDL grants.
On April 16, 2020, FTLF hosted a webinar on Financial Relief Under the CARES Act, discussing various forms of financial relief under both programs as well as loans from the Treasury Department for mid-sized non-profits and businesses. In addition, FTLF previously authored several client alerts discussing these various loan options and explaining the original funding, FAQs issued by the SBA, and the EIDL loans and emergency grants.
As you may be aware, both the PPP loan and EIDL programs quickly ran out of money causing many lenders from accepting and processing applications, leaving many borrowers left out to dry. However, with this recent influx of funding, there is additional money for eligible entities that may have missed out on the last wave of funds. Now that more funding is available, do not miss out on this incredible opportunity.
For more information on these loan programs, and questions about how these opportunities fit together with other federal programs your organization currently carries out, please do not hesitate to contact FTLF attorneys Michael B. Glomb or Joseph P. Loman.
NEW WEBINAR: On Monday, April 27, 2020 at 3 PM ET, FTLF is hosting an update webinar on these two important loan programs. On this webinar, we will go over the ins-and-outs of each program, highlighting recent developments and providing much anticipated insight on some of the most Frequently Asked Questions. Learn More or Register Here.