Congress Add Funds to PPP and EIDL Loans
Tuesday, April 21, the US Senate passed another interim stimulus relief package that will replenish funds for the SBA PPP and EIDL programs. The House vote is scheduled for Thursday, April 23. Once the President signs it, the programs should be re-funded promptly, and applications open again.
Paycheck Protection Program (PPP) Update
The bill includes an additional $310 billion for the Paycheck Protection Program, with $60 billion of that money reserved for smaller businesses without existing banking relationships.
One of the issues that the PPP faced in the first rollout of the program was that small businesses in under-served communities such as Citrus County struggled to compete with bigger businesses that had existing relationships with banks. This bill has “carve-outs” to better support community businesses and lenders.
Economic Injury Disaster Loan Update
Another $60 billion ($50 billion in loans and $10 billion in grants) is also set aside for the Economic Injury Disaster Loan fund, which is administered directly by the Small Business Administration rather than banks. NEW: Farms and other agricultural programs are now eligible for those funds.
Local Chambers of Commerce are keeping their eyes open to see if there will be any new directives from the SBA as far as applying under the new package.
In the meantime, more Nature Coast lenders are being approved. An updated list of Citrus County banking institutions that are now SBA-approved lenders is available on the Citrus County Chamber website here.