After funding for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) expired, Congress and the Trump administration moved to replenish the PPP by providing supplemental aid to small businesses impacted by COVID-19. On April 24, President Trump enacted H.R. 266, which provides approximately $484 billion in additional relief funds to initiatives initially funded in the Phase 3 stimulus measure.
For small business owners, here is a partial breakdown of the $484 billion relief package:
- An additional $321 billion is allocated to the SBA PPP. For allocation requirements, two minor modifications are made to the PPP:
- $30 billion is specifically provided for loans made by insured depository institutions and credit unions that have assets between $10 billion and $50 billion.
- $30 billion is specifically provided for loans made by community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion.
- An additional $50 billion is allocated to the Disaster Loans Program Account to remain available until expended. Eligibility and award maximums remain the same pursuant to the conditions set forth in Phase 3.
- An additional $10 billion is allocated to the Economic Injury Disaster Loan emergency advance program. Eligibility and award maximums remain the same pursuant to the conditions set forth in Phase 3.
SIA and ASIS International will continue to provide resources on future stimulus efforts that aid small business owners impacted by COVID-19.
Find more information and resources on SIA’s webpage: Resources for COVID-19 and Business Recovery.