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Congress Approves Additional Funding for Paycheck Protection Program 
More help is on the way for the country's small businesses. On Thursday, the U.S. House of Representatives approved an additional $310 billion in funding for the Paycheck Protection Program (PPP), as part of a larger $484 billion package.  Another $60 billion will be used to replenish the SBA's Economic Injury Disaster Loan program, which provides working capital loans of up to $2 million to small businesses.
 
The Senate had already passed the legislation and the President is expected to sign it into law quickly.
 
Gray, Gray & Gray recently hosted a webinar explaining the updated details of the PPP program, how to apply, and how to maximize loan forgiveness. You can access a recording of the webinar by clicking here.
 
The initial PPP program depleted its $349 billion in funding in just 12 days. In an effort to make PPP loans more accessible, the new legislation sets aside $30 billion for loans by FDIC-insured banks and credit unions that have assets between $10 billion and $50 billion; and an additional $10 billion for lenders with less than $10 billion in assets.
 
The new measure also includes an additional $75 billion for reimbursements to hospital and health care providers, and $25 billion for coronavirus testing.
If you need assistance in applying for a PPP loan or SBA EIDL loan, please contact Gray, Gray & Gray at (781) 407-0300.
Gray, Gray & Gray Coronavirus Response and Resource Page

As Coronavirus continues to impact our daily lives, including the way in which we conduct business, here you will find ongoing updates on Gray, Gray & Gray's response to the outbreak as well as important resources. At Gray, Gray & Gray, we remain committed to helping our clients and friends successfully manage their businesses and individual finances during this challenging time.

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