Congress Adds $320 Billion to PPP Loan Fund

April 24, 2020

Mike Batts, CPA

Congress has passed and President Trump is signing legislation adding $320 billion to the depleted Paycheck Protection Program loan fund.

It is likely that this additional funding for PPP loans will also be depleted quickly, so eligible organizations that have not yet received funds from a PPP loan should act very quickly with their banks to pursue a PPP loan under this round of funding.

Of the $320 billion in funds added by this legislation, Congress set aside $60 billion to be reserved for use by smaller banks and financial institutions to assist underserved areas of the country.

This may very well be the last round of funding for the PPP loan fund.

For a summary description of the Paycheck Protection Program and other CARES Act provisions relevant to nonprofits, together with other COVID-19 resources for nonprofits, see our COVID-19 resources page at NonprofitCPA.com/covid-19-updates.

 

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