PPP & EIDL Funding Signed into Law
President Trump has just signed into law an additional $310 billion in funding for the Paycheck Protection Program and an additional $50 billion for the Economic Injury Disaster Loan (EIDL). While welcome, banks have warned this additional funding could be eaten up in as little as two days.
Republicans have indicated they are unwilling to pass additional COVID support bills until they reconvene in May and may not be interested in adding more funding to these programs. It is widely expected these programs will lapse again. If your business plans on taking advantage of either of these programs you should put in an application immediately with your lending institution.
For more information on any of the loan programs, contact NPMA
For a list of approved lending institutions by state, visit the
SBA website here