The United States Government, on April 24
, has enacted legislation
to reopen the Paycheck Protection Program (PPP) providing $320 billion in newly available program funds. This includes $60 billion dedicated for access by community banks and credit unions upon which many communities in Kentucky rely. Additionally, another $60 billion for the SBA Economic Injury Disaster Loan (EIDL) program has been secured, including $10 billion for the advance grants. In total, small businesses will have access to more than $380 billion. Within this legislation is also $75 billion for health care providers and $25 billion to increase our nation’s testing capacity.
PPP has proved vital to many Kentucky businesses and the Kentucky Association for Economic Development appreciates the federal government moving to provide additional stimulus. Below
please find the legislative text and the section-by-section summary for this bill provided by Leader McConnell.
As we move forward, as a #TeamKentucky, to address and emerge from this challenge, please do not hesitate to make contact with KAED when we can provide any needed assistance.