Posted on April 27 2020

Coronavirus Update 4/27/20 – Additional Funding for PPP

EMERGENCY UPDATE — Monday, April 27 —

To our clients:

On Thursday, April 23, 2020, Congress approved a $484 billion bill to provide additional COVID-19 related relief/assistance for small businesses, including $310 billion for the Paycheck Protection Program (PPP). President Trump signed the bill into law on Friday, April 24. The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.

According to an article in the Wall Street Journal, “business owners don’t have to apply again if their application didn’t get approved in the first round. Many lenders have held on to these applications and are prioritizing them in the pipeline for when the program opens up again.”

The additional $310 billion of PPP funds will not last long.

•  If you have already applied, we strongly recommend that you contact your bank as soon as possible to determine the status of your application.

•  If you have not yet applied, you should do so immediately.

MillerSearles LLC | Certified Public Accountants | Advisors