- $310 billion to replenish the Paycheck Protection Program (PPP)
- $60 billion earmarked for community banks and small lenders
- $10 billion set aside for administrative costs of the PPP
- $60 billion for emergency business grants and loan
- $10 billion for Economic Injury Disaster Loan (EIDL) advance grants
- $50 billion for the EIDL program
- $2.1 billion in salaries and expenses to administer programs related to COVID-19 for the SBA
- $75 billion for hospitals and community health centers
- $25 billion to boost COVID-19 testing to be divided between state and federal governments
- $11 billion specifically allocated to states for testing supplies, contact tracing efforts, and staffing.
As of this morning, the SBA’s website still highlights a lapse of appropriations for both the Paycheck Protection Program and the Economic Injury Disaster Loan Program. Many local financial institutions are not accepting new applications but have stated they will be in contact with applicants who had submitted an application prior to the program exhausting its original round of funding. If you have not yet applied for the assistance, reach out to your local financial institution to see if they are currently accepting new applications as a result of the refresh in funding.
Paycheck Protection Program Calculator
Sciarabba Walker has created a spreadsheet calculator that allows businesses to determine how much PPP relief they could be eligible for, how much of the loan could be forgiven, understand the documentation required for forgiveness, and track weekly expenses related to forgiveness based on the most recent guidance available. This document will be updated as additional guidance is released.
If you have any questions about the PPP or EIDL programs, please reach out to your personal Sciarabba Walker contact or email us at info@swcllp.com.