New Funds Hit the PPP
Last week Congress has officially added $320 billion in funds for the Payroll Protection Program. Additionally, $60 billion was added to the EIDL, amounting to $10 billion for grants and $50 billion for loans.
Most banks re-opened the application process this morning. If you did not receive a loan from the first set of funding, check with your bank to ensure that your application is still in the queue. Unfortunately, the funds are likely to run out within the first 48 hours again.
Experts have estimated that about $1.2 trillion would be needed in the program to satisfy all eligible businesses. This means that to date the program is still about $500 billion short in funds. As of now, there has been no discussion from Congress to further replenish the funds. However, Phase 4 negotiations have begun.
The business world is now awaiting further guidance from the Treasury Department and SBA on forgiveness. Once this is published, AAC will have a full breakdown.