Kemp Klein

Second Round of Funding Approved For The CARES Act PPP Loans

On Thursday, April 23rd, the House passed a bill that funded an additional $320 billion for the Paycheck Protection Program, or PPP, created by the CARES Act, which was passed late last month. Heavy demand caused initial funding for the PPP to lapse. About $60 billion of the additional PPP funding will be set aside for businesses that do not have established banking relationships, such as rural and minority-owned companies. The President is expected to sign the new funding bill into law on Friday, April 24th. Businesses hoping to take part in the PPP should apply immediately if they have not done so.

For further information about these matters please contact Kemp Klein.