On Thursday, April 23rd, the U.S. House of Representatives passed an interim Coronavirus aid package that provides an additional $310 billion to the Payroll Protection Program (PPP) and an additional $10 billion to the Emergency Economic Injury Disaster Loan (EIDL) program. Today, Friday, April 24th, President Trump signed this legislation into law. The PPP will still be administered through banks and credit unions, and the EIDL application process will still be administered through the federal Small Business Administration (SBA). Of the $310 billion for the PPP loans, $60 billion is allocated specifically for smaller banks.
Importantly, if you have already applied for a PPP loan, you generally do not need to reapply, but this is dependent on whether your specific lender was maintaining your application in a queue during the PPP’s funding lapse. It is important that you check with your lender on the issue to confirm that do not need to reapply.
