Today the President signed a $484 Billion bill that provides $320 Billion in new funding for the Paycheck Protection Program.  It also includes $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for the Small Business Administration’s Economic Injury Disaster Loan program.

The SBA expects to start taking applications for the second round of funding for the Paycheck Protection Program on Monday, according to SBA Region 5 Director Rob Scott.

What does this mean for you?

If you intend to apply for the PPP or EIDL loans--it is imperative that you DO IT NOW!

The first round of funding ran out in 14 days, and it is expected that this money will run out even faster, given the stockpile of applications banks are holding onto that missed out on the last round.

If you are a DJL Accounting client, call us for help getting this done. Our experience has been that you get it done when you have an actual employee of the lender helping you to ensure your application and supporting documents are submitted and approved. So, if you have a relationship with someone at the lender, call them for help. It's better than sitting in a que somewhere not knowing if and when your application will be processed. The local lenders who have helped our clients have been working around the clock and getting the loans processed. 

Check the SBA website to see if your bank or credit union is an approved lender.

It’s also important to keep detailed records and separately track your payroll, mortgage interest, rent, and utility expenses to prove you're entitled to loan forgiveness. Note that a minimum of 75% of the funds must be used for payroll in order to qualify for forgiveness.

Visit our Cares Act Resource Page to learn more about the Paycheck Protection Program for small business as well as other benefit programs for small business and individuals.