Small Business Loan Program to See New Funds
Posted Apr 22, 2020
By Washington State Business and Real Estate Law Lawyer Casey E. Clifton
The U.S. Senate passed a $484 billion deal Tuesday to replenish the SBA loan programs that have been overrun by demand. The package would increase funding for the PPP by $310 billion. It also includes $60 billion to help the depleted SBA emergency grant and loan program, $75 billion for hospitals, and $25 billion for a new coronavirus testing program. Under the bill, $60 billion will be reserved for minority communities and businesses that didn’t have prior relationships with lenders – an underserved segment of the economy in the prior relief packages.
The House is expected to act by Thursday with the final bill set to reach the President’s desk by Friday. It is expected that major bills similar in size to the Cares Act will be needed in the coming weeks to continue relief efforts.
If you are a small business seeking economic relief, you should continue to apply for funding as additional capital is being made available. The lawyers at Beresford Booth remain available to answer all your questions related to any of the recent federal and state relief programs.
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