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Congress Passed More Funding for the Paycheck Protection Program

April 24, 2020 | Published by Faire

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The following content is informational only. When making business decisions, we encourage you to seek personalized advice from qualified professionals.

Earlier today, Congress and the White House passed an updated $484 billion relief package in response to the COVID-19 outbreak. This new package will replenish both the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program, created to support small businesses. 

The initial $349 billion for these programs ran out in less than two weeks—leaving many small businesses waiting in the balance. On Monday, April 20, we asked you to connect with your representatives to advocate for funding. Within two days you wrote over 16,000 messages to Congress, reaching every single U.S. Senator across all 50 states.

Thank you for sharing your stories with your local representatives and letting your passion for small businesses be heard. Your voice has helped create this outcome.

Here is what’s in the “refresher” bill

The law provides supplemental funding for the initial CARES Act, including:

  • $310 billion to fund the PPP, with $60 billion set aside for smaller lenders, credit unions, and community financial institutions to reach underserved communities.
  • $60 billion for disaster relief grants and loans, including $10 billion for EIDL grants and $50 billion for disaster loans administered by the Small Business Association (SBA).
  • Additionally, the bill authorizes $75 billion for hospitals and $25 billion to ramp up COVID-19 testing.

If you haven’t applied for relief yet, learn more about how to apply here. We encourage you to apply immediately, as this second round of funding may also run out quickly. Note that it may take a couple days for the SBA to update their website, so check back in a day if it hasn’t been updated yet to accept new applications.

Already applied for one or both relief programs?

You can check your EIDL status online through the SBA’s website, or call them at 1-800-659-2955. For PPP loans, we recommend you reach out to your lender directly to check on the status. Millions of loans have been submitted, and many lenders have had trouble processing the volume. It’s best to make sure you’re covered.

Preparing for the road ahead

This new round of funding is an exciting development on our path to recovering as a small business community and as a nation. While governors are making plans for reopening their states and our economy, we recognize that there is still a way to go before things go back to the way they were. 

Progress is rarely a straight path, but we believe in the resilience of this community. We believe in what’s possible when we come together and learn from one another. And we continue to believe that the future is local.

Continue to be efficient with your costs and seek new revenue sources, like looking for online strategies for your business. We will keep providing you with updates and trusted information as it becomes available. You can find resources for brands here.

Stay safe, stay connected, and join the conversation in our maker community.

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