Second Round of SBA Payroll Protection Program Opens Monday, April 27
Last week, Congress passed an “interim” spending bill to further support small-business loan programs, which provides a total of $484 billion in new spending, including funds for the PPP and EIDL programs of the U.S. Small Business Administration:
- $310 billion in new money for the Paycheck Protection Program (which is open to nonprofits)
- $50 billion to the Economic Injury Disaster Loan (EIDL) program
- $10 billion to the EIDL Emergency Advance grants program
- $75 billion to hospitals
- $25 billion for testing, split between the states and federal government
The Small Business Administration is expected to start processing the next round of Paycheck Protection Program (PPP) loans under the CARES Act, as soon as Monday, April 27.
It is anticipated that the second round of funding will run out quickly and it is essential that applicants connect with a financial institution able to process their PPP loan immediately. RI Commerce Corporation is working with nonprofits and small businesses without banking relationships and those whose banks are not able to process their applications. Please encourage your grantees to contact Commerce at firstname.lastname@example.org.
In Rhode Island, Goldman Sachs 10,000 Small Businesses is committing $10 million for loans to small businesses and nonprofits through a partnership with Community Reinvestment Fund, USA (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country.
Commerce RI is available to help match nonprofits who do not have relationships with financial institutions with lenders who will be able to process their PPP applications. Commerce info sheet, with program details and list of documents needed.