Just days after small businesses began applying for Paycheck Protection Program (PPP) loans, the Treasury and lawmakers are pushing for more funds to be added to the $349 billion allocated to the program under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
Treasury Secretary Steven Mnuchin announced in a press conference this afternoon that, at the direction of President Trump, he has asked Congress for an additional $250 billion for the PPP, which provides loans up to $10 million to businesses and nonprofits with fewer than 500 employees.
Secretary Mnuchin indicated that he expects the measure to pass the Senate on Thursday and the House by Friday.
Grassi’s Emergency Loan Consulting professionals are closely monitoring these developments and will keep you informed as more information is released.
If you need assistance applying for emergency funding from the Paycheck Protection Program or other sources, please contact our Crisis Response & Recovery hotline at 212.223.6216 or firstname.lastname@example.org.