Did the Small Business Administration run out of money before your loan was funded? Congress votes today on a bill that would add funding to permit more SBA loans and grants:
- $320 Billion Dollars to the Paycheck Protection Program (PPP)
- $20 Billion Dollars to the Economic Injury Disaster Loan (EIDL) Program (to fund $10,000 Grants)
The bill also expands the scope of the authorized applicants to include large farms that exceed the SBA small business size thresholds (based on revenue) but that nonetheless have 500 or fewer employees. This will increase the competition for these loans, so be sure your applications are properly filed. For more guidance, please see my FAQ on the PPP loan program.
The Senate passed the bill yesterday as H.R. 266 (this is merely used as a vehicle – the original language of the bill was stripped out and replaced with the funding provisions). The House of Representatives will take up H.R. 266 today. In a phone call with Congressman Raskin last night, he predicted that it would pass.
UPDATE: As of 5:02 PM on April 22, the House has adjourned until 10:00 AM tomorrow. The House does not appear to have yet passed H.R. 266.
UPDATE: As of noon on April 23, the House had begun debate on H.R. 266. Debate is scheduled to last until about 1:40 pm.
UPDATE: As of 6:00 PM on April 23, the House had passed H.R. 266.
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