Congress Approves $370 Billion
You may have read that funding ran out last week on the Paycheck Protection Program (PPP) established to aid employers affected by the COVID-19 pandemic.
Congress has now approved an added $484 billion to fund COVID-19 assistance programs. That includes $370 billion in additional funding for small business: $310 billion for the PPP and $60 billion for the Economic Injury Disaster Loan program. An added $100 billion will go toward hospitals ($75 billion) and testing ($25 billion).
If you want more information about the Small Business Administration (SBA) programs, you will find it here.
Remember to speak with a tax professional to be sure you understand the implications of taking an SBA EIDL or PPP loan for your small business.
Be well and stay safe.
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