Background: As a result of the CARES Act, the Small Business Administration (SBA) created additional loan/funding programs to assist businesses impacted by COVID-19. As of April 16, the SBA issued over $10.3 Billion in loans to over 43,000 Michigan small businesses. Nationally, SBA executed more loans in 14 days of CARES Act implementation than the agency had done in the previous 14 years. By April 16th, The Small Business Administration’s (SBA), Paycheck Protection Loan Program (PPP) intended to help small businesses, had doled out all of its $350 Billion in allocated funding, putting pressure on lawmakers to reach an agreement for additional funding to the program.
This relief bill includes $310 billion for the depleted Paycheck Protection Program, in addition to $60 billion in loans and grants for economic disaster assistance, $75 billion for hospitals and $25 billion to expand coronavirus testing across the country.
MOGA will keep you updated as this relief bill moves to the house and the President's desk.