April 24, 2020
President Trump just signed a bill that replenishes the Paycheck Protection Program
and dedicates even more funds to Economic Injury Disaster Loans. Funding in this bill,
dubbed “CARES 3.5,” includes $322 billion for PPP, $60 billion for EIDL, $75 billon for
hospitals and $25 billion for testing.
Businesses owners can reach out to their local bank for more information on how to
apply. *We urge you to prepare your application as soon as possible, as these funds are
expected to be depleted quickly.*
Since the Small Business Administration began responding to COVID-19 needs, they
have given out 14 years’ worth of loans in just 14 days and ran out of funding last week.
Negotiations for additional COVID-19 relief have already begun but will include broader
programs, making a bipartisan agreement more difficult.