HF Issue Alert: Increased Funding For PPP Official with President's Signature
April 24, 2020
As a reminder, yesterday the U.S. House of Representatives authorized $310 billion in additional funding for the Paycheck Protection Program (PPP), the U.S. Treasury administered loan program designed to keep employees on small company payrolls, by a vote of 388-5-1. Initial funding of $350 billion, created as part of the $2 trillion rescue package passed last month, ran out of funds last week. Today the President officially signed this legislation.
Those companies that applied but did not receive funding in the first round should be in touch with their banks to ensure that paperwork is in order and ready to be process as demand for these funds continues to be strong. We expect that lending will begin as soon as Monday and that the funds will not last long – opening discussion for a fifth relief package.