On April 24, President Trump held a signing ceremony to approve additional funding for COVID-19 relief. The Paycheck Protection Program and Health Care Enhancement Act, also referred to as Stimulus 3.5, authorizes funding, including:
- $310 billion for the Paycheck Protection Program (PPP)
- $60 billion for the SBA Economic Injury Disaster Loans and Grants (EIDL)
- $100 billion for hospitals and coronavirus testing
This additional funding, which was approved by the Senate on April 21 and the House of Representatives on April 23 adds to the $350 billion for the Paycheck Protection Program and $17 billion for the Economic Injury Disaster Loan program that was depleted in mid-April.
Those interested in obtaining loans through the Paycheck Protection Program should contact their lender, while those interested in obtaining loans through the Economic Injury Disaster Loan should monitor sba.gov/disaster for further updates.
To discuss the economic relief options available to your business, please contact your HBK Advisor.