By Sara Kaplow on May 11, 2020
Tags: COVID-19 Resources
As of May 1, 2020 Congress has passed two bills to provide support to small businesses during the COVID-19 pandemic. Here is a summary of what those bills are and the status of the funding they provide. Note: We will update this information as things change.
Enacted March 27, 2020, this bill provided the initial funding for both individual and business relief, including the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) Emergency Advance, the SBA Express Bridge Loans Program, and SBA Debt Relief for businesses, as well as augmenting weekly unemployment benefits and providing stimulus checks to Americans making under $75,000 annually ($150,000 for couples who file taxes jointly).
The funding for the small business relief programs ran out of money on April 16, 2020.
Signed April 24, 2020, this bill expanded the funding for the CARES act, providing more money for the PPP and EIDL. There were also slight changes to who was eligible for the loans, with hedge funds and private equity firms being excluded and additional hospital eligibility established.
On April 27, 2020, the PPP began accepting new loan applications and as of May 1, 2020 was still accepting applications.