On April 23, Congress passed a stimulus package that will funnel an additional $370 billion into the Paycheck Protection Program (PPP) and the SBA’s Emergency Injury Disaster Loan (EIDL) program. This time around, the bill stipulates that $60 billion of the PPP loans must go to small lenders including CDFIs and community banks, with a goal of better supporting vulnerable small businesses. While this new stimulus package is a step in the right direction, we expect funds to run out very quickly and encourage you to apply for your PPP and EIDL loans as soon as possible if you’re considering seeking funding.
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