COVID-19 Relief Programs: PPP Loan Update
By Whitney Harper
All signs say the second wave of PPP Loans is on the way and moving quickly. Last night, additional appropriations for the COVID-19 relief programs, including $310 billion in additional funds for PPP Loans, passed the Senate. We expect the House to approve the bill on Thursday, and the President to sign it into law by the end of the week.
Immediate Action Item:
- Be in communication with your banker if you did not receive a PPP loan in the first wave but are still interested in the PPP loan. This second wave of PPP Loans will be first-come, first-served, and it will go quickly. Talk to your banker about what you can do now to be ready to apply quickly (and potentially go ahead and submit your application now).
As always, you are welcome to call your ADVOS lawyer with any questions you have about these programs or about other aspects of the FFCRA and CARES Act. We’re in this together and are on-call for you.
We’ll keep you posted as new information is released.
In your corner,
Whitney (+ the ADVOS team)