Replenishing Stimulus Funds
The President signed new legislation to provide relief and stimulus in light of COVID-19. This legislation is a $484B package which will replenish the dollars in the SBA’s PPP and EIDL programs, as well as provide additional funding for hospitals and coronavirus testing.
The Paycheck Protection Program will receive an additional $310B to offer relief to small businesses. Of this total, $60B will be set aside to fund PPP loans made by small and community financial institutions to reach underbanked communities. We will share additional information on which financial institutions are eligible for this set aside funding as it becomes available.
Next steps for businesses:
- The SBA will accept PPP applications from lenders beginning Monday, April 27th at 10:30 am. It is critically important that we all encourage the small businesses in our communities to work with their lender to apply for the Paycheck Protection Program as soon as possible.
- Businesses can access the SBA’s Find A Lender tool or consult the SBA Massachusetts District Office’s list of participating Paycheck Protection Program lenders.
- The SBA will offer virtual sessions to support small businesses all week. Sign up for SBA email updates to receive notice of these programs. Businesses should also consult SBA Resource Partners, who offer remote counseling and coaching.
The Economic Injury Disaster Loan (EIDL) and EIDL Loan Advance offerings have also received additional funding through this legislation, totaling $60B ($50B for the EIDL program and $10B for the Loan Advance).
- Using SBA data, HED has published this list of institutions that provided loans to Massachusetts companies in the first round of the Paycheck Protection Program.
- The list also includes all entities that appeared on the SBA’s approved lenders list, which was last updated on April 13, 2020.
- Lenders on this list are categorized by asset level, so businesses can easily identify which institutions will be eligible for the $60 billion carve out. We have also noted which of these lenders are state- chartered institutions.