[Copy of email newsletter sent out 4\/23]<\/p>\n
You probably saw in the news that there is additional Covid-19 relief funding working it\u2019s way through The Senate and The House this week.\u00a0 It is expected to be signed into law Friday, April 24th<\/sup>.<\/p>\n Often tax bills get last minute changes before being signed into law, so I generally do not address new legislation until it\u2019s full passed and signed.\u00a0 However, this is a situation where time is of the essence.<\/p>\n Part of this legislation is adding new funding to the Paycheck Protection Program (PPP) loan program. In essence, the PPP program allows you to cover the cost of wages or net self-employment income for 2 months and have the loan forgiven.\u00a0 (See our prior newsletters on this in more detail on our website<\/a>.)<\/p>\n The PPP loans are funded on a first come first served basis and I expect this new round of funding will run out within a matter of days.\u00a0 Although there is $310 Billion in funding slated for the PPP loan program, it\u2019s still not enough for the current need.<\/p>\n If you need this coverage and have not yet applied, I recommend you contact your bank\u2019s loan department today<\/u>.\u00a0 PPP loan applications are being prepared now, before the law is passed, to help get people first in line to get funded.<\/p>\n Many of our clients have successfully received funding in this program and many were just too late in line.\u00a0 Now is the time to get your loan application started with your bank to be early enough in line for funding in this upcoming second round.<\/p>\n As a side note, for some self-employed individuals, the state unemployment program is a better option to the PPP loan. These are very different programs – the PPP loan covers wages being paid to keep folks employed and the unemployed pays benefits to folks who are not employed.\u00a0 Self-employed individuals can apply for either one (but not both at the same time). Unfortunately, I cannot tell you which program is better for your specific situation, but I recommend you consider both. (Unemployment claim info is here<\/a>:<\/p>\n Finally, given how dramatically underfunded the EIDL program is, I do not expect it to be re-opened to new applicants, but you can monitor it on the SBA website. https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/economic-injury-disaster-loan-emergency-advance<\/a><\/p>\n I hope this is useful in helping to prepare for this upcoming wave of relief funding,<\/p>\n Siobhan<\/p>\n <\/p>\n