Overnight the House approved a $484 billion plan, known as COVID 3.5, the Paycheck Protection Program and Health Care Act is planned to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL).
Paycheck Protection Program
Additional $310 billion in funding (on top of $349 billion in CARES Act)
$30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets
$30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in asset
Additional $50 billion for SBA Disaster Loan Program
For information on the PPP: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
Emergency Injury Disaster Loan Program
Additional $10 billion in funding (on top of $10 billion in CARES Act)
Expands eligibility to agricultural enterprises with less than 500 employees
For information on Disaster Assistance: https://www.sba.gov/funding-programs/disaster-assistance
The CARES Act was the third of the ‘COVID-19’ relief bills passed by the Federal government. The bill passed last night (The Paycheck Protection Program and Health Care Act) should be considered ‘covid-3.5’. This bill wasn't intended to be and isn't in similar scale and scope as CARES. There is already a fourth bill being discussed by Congress to provide additional economic relief.
For local disaster program-related assistance please contact the UAlbany Small Business Development Center.