Paycheck Protection Program (PPP) to Resume on Monday, April 27, 2020
The DC Small Business Development Center Network (DCSBDC), the District’s accredited provider of small business technical assistance for over 40 years, encourages small businesses impacted by the coronavirus to prepare for the availability of federal disaster assistance.
Following today’s signing of the “ Paycheck Protection Program and Health Care Enhancement Act,” Congress has appropriated an additional $380 billion to refund and restart small business disaster and relief loan programs, including the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) program.
The “Paycheck Protection Program and Health Care Enhancement Act,” includes an additional $320 billion for the PPP, which incentivizes businesses to keep their workers on the payroll, and $60 billion (including $50 billion in loans and $10 billion in grants) for the EIDL program.
As part of its service offering, the DCSBDC business counselors are available to provide confidential, no-cost consulting to help affected businesses understand available disaster assistance and loans, determine eligibility, prepare loan applications, as well as navigate other small business challenges.
The Small Business Administration will resume accepting PPP loan applications on Monday, April 27, 2020 at 10:30 AM EDT from approved lenders on behalf of any eligible borrower.
For loan application assistance, please contact your DCSBDC business counselor. If you do not have a business counselor, go to www.dcsbdc.org and select the New Clients link on the Home page for assistance. For continuous updates on the latest small business news related to COVID-19, select Alerts on the DCSBDC website Home page.