WASHINGTON (BRAIN) — The Paycheck Protection Program received an additional $7.25 billion as part of the passing of the American Rescue Plan Act on Thursday. President Joe Biden signed the $1.9 trillion COVID-19 relief bill into law, which included additional funding for Small Business Administration financial assistance programs.
Expanded eligibility also also was expanded to nonprofits, and an additional $15 billion was added to the Economic Injury Disaster Loan Advance, including a new $5 billion for Supplemental Targets EIDL Advance payments for those hardest hit.
Also on Thursday, a bill was introduced to extend the Paycheck Protection Program, which is scheduled to end March 31. The bill, sponsored by Rep. Carolyn Bourdeaux (D-Ga.) and co-sponsored by representatives Kim Young (R-Calif.), Nydia M. Velazquez (D-N.Y.), and Rep. Blaine Luetkemeyer (R-Mo.) would amend the CARES Act to extend the application period two months.
The latest round of COVID-19 pandemic funding that began in January authorized up to $284 billion toward job retention and certain other expenses, and by allowing certain existing borrowers to apply for a second loan.
More information on the SBA programs can be found here. PeopleForBikes also has been offering industry loan resources to retailers since the pandemic began last year.
