Updated 4-25-2020 Federal Funding: $484 billion Added to Federal CARES Act
Key Updates: The Paycheck Protection Program funding has been refunded by the U.S. Congress: $320 billion is going to be added to this program. $ 60 billion of this funding is set aside for rural and minority-owned businesses that do not have established banking relationships.
Please contact a local bank or credit union to learn more.
The SBA Small Business Economic Injury Disaster Loan program, or EIDL, has been refunded with $60 billion
Here are the changes:
The initial $10,000 grants made to successful applicants as a bridge was changed to $ 1,000 per employee up to 10 employees but is now limited to $ 1,000 per company applying for funding.
- The Consumer Bankers Association, which represents the nation’s largest retail banks, estimates it will take $1 trillion to meet the demand from small businesses.
- Richard Hunt, the association’s CEO, said the new funding could run out in days.
- “This is an unprecedented situation — the demand for this product is off the charts,” Hunt said.
- The programs are set to resume Monday, April 27, at 10:30 am ET, according to the Small Business Administration.