How to Prepare for Replenishment of Paycheck Protection Program Funds and EIDL Expected this Week
Wiley Rein – Small Business Administration (SBA) programs that were implemented as part of the CARES Act to help support small businesses in response to the coronavirus pandemic: the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). The initial funding for these programs was exhausted on April 16, and businesses were not able to apply for these relief funds while Congress negotiated the terms of the new bill. The U.S. House of Representatives is expected to approve the bill on April 23, and President Trump has indicated that he will sign it as soon as it hits his desk. If all goes as planned, the SBA could begin accepting and approving new applications for these two important programs this week.
