The U.S. House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (PPPHCEA) this week, which will provide additional funding for small business programs that were administered and created by the SBA through the CARES Act.
The $484 billion PPPHCEA bill was already approved by the Senate and has already been signed by the President. This budget includes:
$320 billion for the PPP to help small businesses
$60 billion for the EIDL
$75 billion for hospitals
$25 billion for coronavirus testing
While it’s not clear when the new funds for these programs will be available or how long they will last, the best course of action is to sign up for those programs as soon as possible! The initial $349 billion in PPP funding from the CARES Act was already fully allocated within 13 days.
If you're unsure what is the difference between the EIDL or the PPP, click here to learn about the programs from our previous webinars. If you have questions or need additional help, contact us today!