CARES Act 1.5
President Trump signed a $484-billion bill on Friday designed to boost the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed last month.
The new legislation - called “CARES 1.5” by some – includes:
- $310 billion in replenished funds for the Paycheck Protection Program (PPP)
- $50 billion for the SBA’s Economic Injury Disaster Loan (EIDL) program
- $10 billion for the SBA’s Emergency Economic Injury Grant program
- $75 billion in emergency money for our health system
- $25 billion to increase testing and contact tracing capabilities
An important new provision:
While $250 billion of the $310 billion will be disbursed the exact same way as in round one, the other $60 billion will be allocated by small lenders and community-based financial institutions with the stated goal of focusing on rural businesses and businesses owned by women and people of color.
To apply to the PPP, reach out to an SBA Approved Lender. Round 2 of PPP applications began yesterday, Monday the 27th.
Franklin County region SBA Approved Lenders:
If any individual applicants (sole proprietors, independent contractors, etc.) are having trouble finding banks in Franklin County who will accept their applications, there are at least two out-of-county banks willing to accept PPP applications from new customers in Franklin County who are small borrowers:
These new resources for the PPP are helpful:
To apply for the Economic Injury Disaster Loan (EIDL), the application for the new round of funds is not open yet, but should be available here on the SBA's site soon.