New “CARES Act Funding, 3.5” Signed

Posted on: 4/24/20 by Kevin P. O'Leary, CPA

The new “CARES Act Funding, 3.5” has been signed by the US Senate and now the US House of Representatives. This bill still awaits the President’s signature. Once the President signs the bill, the Small Business Administration and the Department of Treasury will give guidance on when both the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) Program will reopen. Once both programs are turned back on, the PPP is handled through your bank and the EIDL is handled through the SBA website,
Please click here for updated PPP guidance from the SBA and the Department of Treasury. The update clarifies the size of the company eligible for PPP.
Please click here for highlights of the recent “CARES Act Funding 3.5” prepared by the US Chamber of Commerce. Most notable in this recent bill is more funding for PPP and EIDL, farmers and Agriculture related businesses can now apply for EIDL, and there is increased funding for hospitals and COVID-19 testing. Please remember, this still needs to be signed by the President before it becomes law. 
The Small Business Administration (SBA) will reopen the Paycheck Protection Program (PPP) on Monday April 27, 2020 at 10:30 am.
Please click here for the SBA press release.

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