The U.S. Senate just passed a bill to revive the Small Business Administration’s disaster loan and grant programs. The House is expected to vote its approval on Thursday and the funding will become available soon thereafter – a best guess is by next week. If you plan on applying for a PPP or EIDL loan, we suggest you reach out to your lender and prepare to apply as soon as the programs reopen. Here is what we know of the bill as it stands thus far:
- It provides a total of $484 billion in new spending, including $310 billion in new money for the Paycheck Protection Program.
- $60 billion of that amount is earmarked for smaller lenders. Half ($30 billion) will go to community development financial institutions (CDFIs) and small lenders with less than $10 billion in assets. This is designed to ensure more funding access to smaller and more rural organizations and those without strong banking relationships.
- The bill also adds $50 billion more to the Economic Injury Disaster Loan (EIDL) program as well as $10 billion to the EIDL emergency grants program.
- An additional $75 billion will go to hospitals and $25 billion for testing, split between the states and federal government.
Visit our COVID-19 Response & Resources page for these and other relief funding resources:
- FAQs for COVID-19 RELIEF – series of FAQs for loan options, employee paid leave, and unemployment insurance specific to Montana nonprofits.
- FEDERAL RELIEF NAVIGATOR – guidance in understanding what federal relief is available for your organizations and/or employees.
- PAYCHECK PROTECTION PROGRAM LOAN FORGIVENESS CALCULATOR – tool built to help you calculate the maximum loan amount you may apply for and the maximum amount you may have forgiven.
- WEEKLY/YEARLY CASHFLOW PROJECTION TEMPLATE – built with multiple scenario options to help you keep an eye on your organization’s cash on hand.