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April 22, 2020 | Posted in:

More PPP Funds On the Way, Plus Additional Relief Opportunities

Additional Federal Funding for Small Businesses

On April 21, the U.S. Senate reached a deal for a new COVID-19 pandemic relief bill. While not yet law, it is expected to be approved by the House and President Trump by the week’s end.

The new deal allocates:

  • $310 billion in additional funding for the Paycheck Protection Program.
  • Of that $310 billion, $60 billion is to be designated for small community banks, credit unions, minority-owned banks, institutions providing loans to low-income communities, and other small lenders.
  • $50 billion in additional funds for the SBA Economic Injury Disaster Loan program, including an additional $10 billion for the SBA to continue providing up to $10,000 in small business disaster relief grants.

Keep in mind the initial $349 billion established for the Paycheck Protection Program was exhausted in less than two weeks. If you did not get the opportunity to receive PPP funds the first time around, make sure you are communicating with your lender and accountant and are prepared to move quickly before funds run out again.
 
See also: The Key to Paycheck Protection Program Loan Forgiveness →

 

Save Small Business Fund

The U.S. Chamber of Commerce Foundation, with founding partner Vistaprint, has launched the Save Small Business Fund, a grant program to provide assistance to small businesses owners impacted by the coronavirus pandemic. Funded by contributions from corporate and philanthropic partners, the Foundation will distribute $5,000 grants to small employers in economically vulnerable communities in the United States and its territories.

Grant applications are now open. To qualify, applicants must employ between three and 20 people, be located in an economically vulnerable community, and have been harmed financially by the COVID-19 pandemic. Grants will be awarded weekly on a rapid and rolling basis until all funds have been disbursed.

To learn more about the Save Small Business Fund or apply for a grant, visit www.savesmallbusiness.com.

 

NJ CDFI Emergency Assistance Grant Program

The New Jersey Economic Development Authority (NJEDA) today announced partnerships with six Community Development Financial Institutions (CDFIs) to provide between $20 million and $30 million in low-cost financing to small and microbusinesses and nonprofits impacted by the COVID-19 outbreak. This will allow the CDFI partners to increase their capacity and participate in more loans, with flexible terms and lower interest rates.

Participating CDFIs include: New Jersey Community Capital (NJCC), UCEDC, Regional Business Assistance Corporate (RBAC), Cooperative Business Assistance Corporation (CBAC), and Greater Newark Enterprise Corporation (GNAC).

Click here for more information or consult with your Alloy Silverstein CPA for application information.

 

Contact us

Turn to an Alloy Silverstein accountant and advisor for financing or business advisory assistance. We are here to help in any way we can.

 

COVID-19 Resource Center from Alloy Silverstein CPA Firm Accountants and Advisors NJ

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