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Paycheck Protection Program reopens

Starting April 27, 2020 the SBA’s Paycheck Protection Program will reopen. After the program quickly went through the initial $349 billion in a short few weeks Congress approved an additional $310 billion for the program.

PPP opens back up but hurry

The program intended for small businesses ended up granting funds to larger businesses like Shake Shack and Ruths Chris Steakhouse – both of whom after criticism vowed to return the funds. This time around Congress has asked banks to verify the need of the business – checking to make sure each company, though technically a small business by the program’s definition, does not have funding opportunities elsewhere like the larger and publicly traded companies did. And to encourage this Congress has allotted 20% of the fund be run through small banks.

But no matter the changes the funds will run out quickly.

More Help on the Way

According to CNBC and other news reports Congress is close to a deal on infusing more funding into the Paycheck Protection Program (PPP) to help small businesses affected by the stay at home orders nationwide.

Congress is negotiating additional funding for the PPP

On Thursday, April 16th the U.S. Small Business Administration, who is charged with administering the PPP, announced that the initial funding amount of $349 billion had run out and applications were no longer being accepted.

But the additional funding looks to be an even larger amount. Various reports have put the negotiated amount at between $370 – $400 billion for the program. Although Congress and the President promise they are moving negotiations along quickly there is no timeline for a vote as of this writing.

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