PPP, EIDL, opening back up by Friday?? Ready for round 2???
Negotiations in the senate and house are happening this week to add more funding to the PPP and the EIDL programs. It appears the bill should pass the senate and house and have a final vote by Thursday. They are also proposing to set aside money for businesses that have struggled to get a loan from banks, such as those in rural areas or that are owned by minorities.
According to the WSJ, there is going to be an additional $310 billion for the PPP, $60 Billion for the EDIL, and $60 billion for small businesses. Of course, nothing is guaranteed.
Many banks and credit unions are activist fast by submitting those files they have to proceed today so that the banks and credit unions are not so overwhelmed with they do open this back up with funding, hopefully,, Friday.
See Marco Rubio’s tweet below.
***** IMPORTANT, If you haven’t applied yet, get your documents together and get them submitted asap.
Also, the pandemic Unemployment application (PUA) is available now AND, I heard (not confirmed yet) that some will be able to apply for BOTH the PPP and the PUA, and some the PPP, PUA and the EIDL. Stay tuned.