Paycheck Protection Program “PPP” round 2

The House of Representatives passed a $484 billion relief package for small businesses, hospitals, and expanded testing. The President signed the bill today, April 24, 2020.

The legislation represents the fourth round of coronavirus relief.  The Paycheck Protection Program received the lion’s share of funding at $310, of which $60 billion is set aside for community banks and smaller credit unions.  This round of the PPP is expected to be drained even faster than the 13 days it took for the first round to run out.  We recommend contacting your bank immediately and coordinating with your advisors to complete the application.

The Economic Injury Disaster Loans program received $10 billion in funding.

Please contact your Mazars USA LLP professional for additional information.

Published on April 24, 2020

The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.