More Emergency Funding For Small Business

The US House could also take a vote on the package as soon as Wednesday of this week but are expected to come back to Washington for an in-person vote.

The PPP was originally passed as part of the Coronavirus Aid, Response, and Economic Security (CARES) Act. The program went into effect on April 3 and authorized up to $349 billion for job retention and certain other expenses at businesses employing less than 500 people. Small businesses and eligible nonprofit organizations, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards for low-interest loans up to a maximum of $10 million. Part of the loan may be forgiven and not counted as income, as long as the money is spent on certain operating expenses the first eight weeks after the loan originated.

The original funds were fully allocated by April 16. The Small Business Administration (SBA) recently released updated loan approval numbers through 12:00 pm on April 16:

The SC Chamber Team will continue to monitor developments at the federal level and to work with the SBA’s South Carolina District Office and the SC Bankers Association in order to assist members and provide up-to-date information about the evolution of the PPP.