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Additional Funding Approved to Help Assist Small Businesses Affected by COVID-19

On April 24, the President signed into law The Paycheck Protection Program and Health Care Enhancement Act, which appropriates approximately $484 billion in funding for coronavirus relief. The Enhancement Act amends the CARES Act and includes:

  • $321 billion to fund the Paycheck Protection Program (PPP);
  • $60 billion reserved for the Emergency Economic Injury and Disaster Loan (EIDL) Program;
  • $100 billion to fund a Public Health and Social Services Emergency Fund; and
  • $2.1 billion for certain Small Business Association (SBA) salaries and expenses.

This alert outlines amendments to the PPP and EIDL programs, and provides guidance for PPP loan forgiveness.