Congress Approves Additional SBA Funding

Posted on Apr 24, 2020 in COVID-19, News

Additional SBA Funding

On April 23, 2020, Representative Ed Case announced the U.S. House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act. See his press release here.

This $483 billion bill, which the President signed into law earlier today, provides critically needed funding for the Small Business Administration’s (SBA) COVID-19 relief programs. This measure will fund another $383 billion to help our nation’s small businesses retain their employees and survive the worst of the crisis, for a total of $693 billion. 

The heart of this measure is the effort to provide an additional $310 billion for SBA’s PPP. It includes a $60 billion set aside smaller credit unions, banks and community development financial institutions that tend to serve the communities that have not accessed PPP sufficiently. This should help make sure more funds get to our state’s smaller businesses.

The funding is expected to become available to financial institutions early next week. If you’re a small business owner and would like to apply to SBA’s PPP but have not yet filed an application with an SBA lender, I urge you to complete your application with an SBA lender as soon as possible. A list of SBA lenders in Hawai’i can be found on the SBA’s website.

Find the application form and loan checklists here.