Paycheck Protection Program Reopens: Here’s What You Need to Know
The Payroll Protection Program (PPP) is back online as of Monday with another $320 billion in cash, plus several provisions to combat previous issues.
WASHINGTON, D.C. — Following President Trump’s signing of a novel coronavirus financial relief package worth $484 billion on April 24, the U.S. Treasury and the Small Business Administration (SBA) began accepting new applications for loans available through the Paycheck Protection Program (PPP) on Monday.
Out of the total funding amount, $319 billion was earmarked for the PPP with $60 billion designated for small lenders and community banks. However, technical glitches on Monday hampered the second round of emergency funding for small businesses, with users reporting error messages and slow processing, Forbes reports.
The new round of funding contains several provisions to combat previous issues, including new guidance regarding public companies’ eligibility.
The Security Industry Association (SIA) and ASIS Int’l, as part of the organizations’ joint COVID-19 partnership, released the following partial breakdown of the relief package.
An additional $321 billion is allocated to the SBA PPP. For allocation requirements, two minor modifications are made to the PPP:
- $30 billion is specifically provided for loans made by insured depository institutions and credit unions that have assets between $10 billion and $50 billion.
- $30 billion is specifically provided for loans made by community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion.
An additional $50 billion is allocated to the Disaster Loans Program Account to remain available until expended. Eligibility and award maximums remain the same pursuant to the conditions set forth in Phase 3.
An additional $10 billion is allocated to the Economic Injury Disaster Loan emergency advance program. Eligibility and award maximums remain the same pursuant to the conditions set forth in Phase 3.
SIA and ASIS Int’l will continue to provide resources on future stimulus efforts that aid small business owners impacted by COVID-19. Find more information and resources on SIA’s webpage: Resources for COVID-19 and Business Recovery.
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