UPDATED on 4/24/2020

On April 23, 2020 Congress passed the Paycheck Protection Program and Healthcare Enhancement Act to provide an additional $310 billion for the Small Business Administration (SBA) Paycheck Protection Program (PPP).

This bipartisan deal was needed to reopen the PPP that saw its funding depleted after three weeks from its opening. As of April 16, the SBA approved 1,661,367 loans for approximately $342 billion. Currently, the new deal sets aside $60 billion for small lenders and community banks. Another $60 billion will be added to the Economic Injury Disaster Loan (EIDL) program including $10 billion allocated for EIDL grants.

Currently, the bill is with President Trump and he is expected to sign.

If you have not submitted your PPP application, you should submit the application to your bank now, so your application can be processed once the SBA reopens the application portal.

If you have submitted your PPP application you should contact your bank to check your application status.

We will continue to update you as we learn more.

Print:
EmailTweetLikeLinkedIn
Photo of Eric Stevenson Eric Stevenson

Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions…

Eric Z. Stevenson is a member of Stark & Stark’s Business & Corporate Practice Group. Mr. Stevenson concentrates his practice in the representation of start-up companies, investment companies, and non-profit organizations on a variety of issues, including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate, governance, and intellectual property law.

Photo of Rachel Lilienthal Stark Rachel Lilienthal Stark

Rachel Lilienthal Stark is a member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including…

Rachel Lilienthal Stark is a member of the Banking & Financial Services, Business & Corporate, Intellectual Property and Non-Profit Organization Groups. Ms. Stark concentrates her practice in the representation of start-up and emerging companies and non-profit organizations on a variety of issues including corporate formation, financing, franchising, licensing, acquisitions, executive compensation, equity compensation plans, employment agreements, real estate and intellectual property law. Ms. Stark also represents lenders in commercial loan transactions.

Photo of Dolores R. Kelley Dolores R. Kelley

Dolores R. Kelley is a Shareholder and member of Stark & Stark’s Business & Corporate, Real Estate, Zoning & Land Use and Beer & Spirits Groups. Ms. Kelley handles a wide range of matters for the real estate industry, including commercial transactions, leasing…

Dolores R. Kelley is a Shareholder and member of Stark & Stark’s Business & Corporate, Real Estate, Zoning & Land Use and Beer & Spirits Groups. Ms. Kelley handles a wide range of matters for the real estate industry, including commercial transactions, leasing, condominium and homeowner association formation, and representation of developers and landowners in land use applications. In addition, Ms. Kelley represents clients in the beer, wine, and spirits industries on a variety of issues including corporate formation, financing, licensing leasing, acquisitions, and intellectual property law.