President Trump recently signed a new coronavirus relief bill into law that will help replenish the depleted Paycheck Protection Program (PPP), among other initiatives. Below are the details of the relief package.
Details of the New Bill
The new relief package adds an additional $310 into the PPP. $60 billion of that is allocated to small institutions. Half of the $60 billion is set aside for lenders with assets of less than $10 billion, and half for those with assets between $10 billion and $50 billion. Here is how the relief is broken down:
- $310 billion total for PPP, with $250 billion unrestricted and $60 billion set aside for smaller institutions
- $50 billion for EIDL loans and $10 billion for EIDL grants
- $75 billion for hospitals
- $25 billion for COVID-19 testing, $11 billion of which will be distributed to states
- $2.1 billion for Small Business Administration administrative expenses
How to Benefit from the Potential New Relief
Since the PPP has been replenished, businesses who have yet to apply should submit their application to receive funds from the $310 billion offered in this relief package.
Our advisors are closely following COVID-19 relief efforts and will continue to publish insights to keep you informed about potential business impacts and benefits. Learn more about the Paycheck Protection Program or visit our COVID-19 Resource Center for more news, tools and insights you need to know in these uncertain times.All Insights