As of 4-24-20
On Friday, April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. The $484 billion package concentrates on more funds for SBA loan and grant programs, and health care services.
The programs that are affected by the bill are the Paycheck Protection Program (PPP), the Economic Injury Disaster Loans (EIDL) and the Economic Injury Disaster Emergency Grants (EIDL Grants). For more information about these programs, click here to read our in-depth look at the qualifications and terms.
The bill allocates an additional $310 billion to the PPP, $50 billion to the EIDL, and $10 billion to EIDL Grants. The remaining funds were allocated to healthcare and administrative costs.
Of the $310 billion PPP funds, $60 billion would be designated for insured depository institutions, credit unions, and community financial institutions.
The new bill would allow agricultural enterprises to be eligible for the EIDL program. No other changes would be made to the qualifications for the eligibility for these programs.
This is good news for those who missed out on the first round of funding for these programs. If you need help determining your eligibility for these programs, or calculating your loan amount, please contact us at (210) 829-1300.READ MORE