Senate Unanimously Passes Small Business Funding

As expected, on Tuesday evening (April 21, 2020) the U.S. Senate unanimously passed the $483 billion bill to replenish small business funding programs. The U.S. House is expected to vote on the bill on Thursday.

What does this mean for small business who would like to apply for these funds:

• If you have already applied for an EIDL but had not heard whether you were approved: You should not need to reapply. The SBA is processing applications already in their system on a first-come, first-served basis.

• If you have not applied for an EIDL: The SBA should re-open applications after the law is passed.

• If you applied for a PPP loan but were not been approved when the funding ran dry: Lenders are developing their own processes, so check whether your lender will have new requirements for this next funding round, or whether they will keep you in line based on your previous application. Also consider applying with another/additional lender or a community bank which will have more funds ear marked for it based on this new legislation.

• If you did not apply for a PPP loan, but would like to this round: Reach out to your lender(s) now to determine what they will be asking for and pull together the documentation (likely payroll reports, utility reports, etc). You should do your best to have as much as possible completed in advance of the date applications open.

Remember, the Senate’s passage of the bill does not make this law. It will next go to the House for a vote, and then to the President’s desk for signature.

As you face the day to day questions of balancing business concerns, the law, and health and safety, the firm is here to assist in any way we can.