Yesterday, the Senate passed a bill to increase funding for the Paycheck Protection Program and provide additional resources for Small Business Administration disaster loan programs. The bill provides an additional $310 billion for PPP loans, including $60 billion reserved exclusively for lending by small, community financial institutions. The bill also increases funding for the Disaster Loans Program Account by $50 billion and provides an additional $10 billion in funding for the Economic Injury Disaster Loan grants. Representative Barr will return to Washington this week to pass this bill in the House to ensure Kentucky’s small businesses continue to receive the assistance they require.
It is recommended your business complete the PPP application and get it to your lender immediately because additional funding will be administered first come, first serve. Updates will be provided as received.