Paycheck-Protection-Program-Application-Process-Reopens

Paycheck Protection Program Application Process Reopens

The Small Business Administration SBA announced yesterday that the agency is once again accepting Paycheck Protection Program PPP applications from participating lenders. Click here for instructions on how to apply for PPP. The announcement follows the $484 billion COVID 19 relief package that President Trump signed on Friday, which includes nearly $310 billion in additional funding for the popular PPP. Of the $310 billion allocated for PPP, $60 billion is dedicated to small lenders and community based financial institutions to address the needs of unbanked and underserved small businesses and nonprofits. Additionally, the recent COVID 19 relief package authorized $60 billion in new funding for the Economic Injury Disaster Loan EIDL program.

EIDL provides an advance of up to $10,000 to small businesses that are currently experiencing a temporary loss of revenue, and NMMA has heard from several members who have successfully participated in the program. While the SBA is not accepting new applications at this time, the agency is expected to reopen the process in the coming days. Motorized-wheelchair-Wikipedia to learn more about EIDL. Click here to learn if your business is eligible for PPP or other economic relief programs. Click here for instructions on how to apply for PPP. NMMA has outlined additional federal, state, local, international and outdoor recreation resources at nmma.

org/coronavirus. If you have questions, please email NMMA’s COVID 19 task force at .