Previously on March 27, the CARES Act had been signed into law with $376 billion in relief for workers and small businesses. That funding was exhausted quickly. Now, small businesses, including law firms, have another opportunity to apply for loans and grants.
Specifically, the bill provides:
- $321 billion increase for the Paycheck Protection Program’s forgivable loans to cover payroll and other fixed costs for small businesses ($60 billion is reserved for smaller lenders)
- $50 billion for Economic Injury Disaster Loans for small businesses
- $10 billion for Economic Injury Disaster Grants – up to $10,000 (limit $1000 per employee)
Information on the U.S. Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) and Economic Injury Disaster Grants, as well as the Paycheck Protection Program, can be found here:
The SBA will resume accepting PPP loan applications on Monday, April 27 at 10:30 a.m. EST from approved lenders on behalf of any eligible borrower. If you have already applied, you can check on the status by calling 1-800-659-2955 24 hours a day, although expect significant wait times.
To apply for the Paycheck Protection Program, contact your lender. If you do not have one, a list of SBA approved lenders is available here: https://www.sba.gov/paycheckprotection/find.