On Tuesday, the Senate passed an additional coronavirus relief measure that would replenish funds for the depleted Paycheck Protection Program (PPP).The House is scheduled to vote on the bill this afternoon (Thursday). President Trump urged Congress to pass the measure-which would provide an additional $310 billion for PPP and require that $60 billion of the funds be used for loans originating from smaller lenders-saying he'd sign the bill and begin discussions on a next round of stimulus. It is unclear how quickly funds will be made available and what date the Small Business Administration and lenders will restart the loan application processing, but it could be as soon as Friday.
If you are interested in applying for a PPP loan, please see NGA's helpful FAQ. If you have any questions, please do not hesitate to contact the MGA Team.
