Paycheck Protection Program 2

Paycheck Protection Program – Round 2

April 27, 2020 - The President signed the Paycheck Protection Program and Health Care Enhancement Act into law on April 24, 2020.

The Act provides $310 billion in additional funding for the Paycheck Protection Program (PPP), $50 billion for the Disaster Loans program and $10 billion for the Emergency EIDL Grants, as well as funding for other critical needs dealing with the effects of COVID-19. SBA lenders will have the ability to process and submit loan applications on Monday, April 27, 2020 at 10:30 EDT.

In addition, Farmers are now eligible for the EIDL Loans and Grants.

The guidelines for application for the PPP Loans and EIDL Grants have not changed.  Contact your lender or check the list of lenders provided on the SBA website to apply for the PPP loan.  Apply for EIDL loans and grants on the SBA website.

SBA has further clarified PPP loan process.  Click here for details.

PPP Program Rules can be found here.

Please feel free to contact your Dermody, Burke & Brown tax advisor to further discuss any questions you may have.

 

The information reflected in this article was current at the time of publication.  This article will not be modified or updated for any subsequent tax law changes, if any.