This week, both chambers of Congress passed and President Trump signed into law The Paycheck Protection and Health Care Enhancement Act, which allocates an additional $321 billion for Paycheck Protection Program (PPP) loans and an additional $60 billion for the Economic Injury Disaster Loan program. New applications can be submitted starting on Monday, April 27, 2020 at 10:30am. Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith
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Set aside in the $321 billion of additional funds approved for the PPP is $60 billion for small- to medium-sized banks and other financial institutions. The legislation also includes an additional $75 billion for the Public Health and Social Services Emergency Fund.
SBA Paycheck Protection Program