Dear APAP Members and Colleagues,
First of all, I hope this finds you and yours well and safe.
Today a $484 billion coronavirus relief bill to recapitalize SBA loan programs, as well as provide funding for expanded COVID-19 testing and support for hospitals, was signed into law.
I want to take a moment to provide you with some details of this legislation and what it means for you.
The bill includes:
- An additional $310 billion for small business relief through the SBA's Paycheck Protection Program. $60 billion of these new funds will be reserved for smaller lending institutions, such as credit unions, community banks, Community Development Financial Institutions and Minority Depository Institutions.
- An additional $50 billion for the SBA’s Economic Injury Disaster Loan program and another $10 billion for the SBA's EIDL grants program, which can provide small businesses with a quick infusion of capital worth up to $10,000 each.
We know for many of you, like many small businesses, the process has been agonizing, but we encourage you to not lose hope.
Here is some insight from one SBA official
including what reopening the SBA loan process will look like and how working with the right lender may help.
We want to hear how you are doing. Please don't hesitate to reach out to us.