On Friday, April 24, 2020, the President signed into law a $484 billion relief bill called the Paycheck Protection Program ("PPP") and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing.
The agreement provides at least $310 billion to replenish the Paycheck Protection Program, which offers guarantees for forgivable loans to small businesses if the majority of the money is used to retain employees.
The bill would also add $60 billion for the Small Business Administration's disaster relief fund - divided into $50 billion in loans and $10 billion in grants - and farms and other agriculture enterprises would be made eligible.
With the first round of PPP dollars depleted in less than 2 weeks, banks are again predicting this second round to go quickly. Brixey & Meyer has created a dedicated team to help businesses calculate their loan amounts and gather the necessary documents to apply for the loan.
Please feel free to reach out to Brixey & Meyer to help navigate the loan application process. We are committed to keeping our clients, friends and families posted on the latest developments in these unprecedented times. You can simply comment below, visit our website or call us at 866.760.0940.