Paycheck Protection Program Expansion
Signed into Law
On Friday, April 24, 2020, President Trump signed the latest Coronavirus relief package into law. Included in this round of relief legislation—which was passed by the house on April 23
rd
- is an expansion of the Paycheck Protection Program which will make an additional $310 billion available through the small business association loan programs. Although the expansion of the Paycheck Protection Program is welcome news for many struggling business owners, several reports suggest that the additional funds may be quickly depleted when made available to the numerous outstanding loan applications submitted during the initial roll out of the Paycheck Protection Program.
The Small Business Administration began accepting new Paycheck Protection Loan applications on Monday, April 27
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. Loan applications will be processed on a first come, first served basis beginning with those applications already in the queue. Information on the Paycheck Protection Program is available
here
.
