Update: President Signed After House Passes H.R. 266 for Funding the PPP
Posted by Ben Shuey on April 23, 2020
Update 4/24: This morning the President has signed the bill into law. We now await an update from the SBA on when the Program will be up and running. For live announcements from the SBA you can follow them on Twitter.
Moments ago the United States House passed a bill to increase funding for the SBA’s Paycheck Protection Program set up under the CARES Act. The next step is for the President to sign the bill into law and then for the SBA to make a statement on when they will officially re-open the program. The current school of thought is that President will sign within the next 24 hours and the SBA will likely be up and running by Monday. We will keep you posted on that timeline.
Below are the details of the bill:
The program was originally funded with $349 billion for small businesses and ran out of funding in it the first two weeks. Today’s legislation would include an additional $310 billion in funding along with another $10 billion for the Emergency Economic Injury Disaster (EIDL) Grants.
Additionally, in a win for credit unions, there is a set aside of $60 billion dollars from the above mentions $310 billion that is designated for the following institutions:
- $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
- $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.
Other funding provisions in the bill include additional funding for testing, state and local hospitals, funding for SBA staffing and operations.
Posted in Advocacy on the Move.