A Second Round of CARES Act funding was passed this week.
In an ongoing effort to help small businesses that have been negatively impacted by the Covid 19 pandemic Congress passed and the President signed a second round of CARES Act funding earlier this week. The funding is intended to help small businesses struggling due to the coronavirus quarantine.
This second round of funding provided an additional $310 billion to fund the Payroll Protection Plan (PPP); $10 billion for administrative costs associated with the PPP; $60 billion for the Economic Injury Disaster Loan (EIDL) program and $100 billion for hospitals and coronavirus testing.
The new money will supplement the CARES Act funding passed earlier this month.
The CBA is expected to issue further guidance on how business can qualify for loan forbearance.
If your business has been negative effected by the Covid 19 pandemic contact your bank about how to apply for the PPP or go to the Small Business Association website at sba.gov to apply for the EIDL.