Senate passes Paycheck Protection Increase Act
April 21, 2020
Dear AIA member,
Just a few minutes ago, the Senate passed the Paycheck Protection Increase Act of 2020 which provides additional funding for the small business loans included in the CARES Act: the Paycheck Protection Program (PPP) and the Emergency Economic Injury Disaster Loans (EIDL). We expect the House of Representatives to pass this same bill soon.
If your firm is eligible and interested in a loan but did not receive one in the last round, you should act quickly. The funding is allocated on a first come, first serve basis. Don’t wait for Congress to finalize this deal—applications are still being processed before new funding is made available, so apply now.
Paycheck Protection Program (PPP)
- additional ~$321 billion available in loans
- loans may be up to $10 million
- to apply, go directly to any bank/ lending institution that is an approved SBA 7(a) lender
- see here for answers to frequently asked questions about the PPP
Emergency Economic Injury Disaster Loans (EIDL)
Additional $10 billion available in emergency EIDL loans
- loans may be up to $2 million
- 501c6 organizations are eligible for this loan
- additional $50 billion available in other disaster loans
- to apply, go directly to the Small Business Administration (SBA)
- see here for more details about the EIDL application
The Paycheck Protection Increase Act of 2020 also includes additional funding for other COVID-19 response measures, including $75 billion for hospitals and $25 billion for testing.
AIA lobbied hard for increased appropriations for the PPP and EIDL. We will continue to lobby on your behalf. We are working with Congress on subsequent legislation to urge them to include increased relief for 501c6 organizations and longer-term economic recovery measures, including robust infrastructure investment.
Please stay well.
Timothy Hawk, FAIA
Chair, AIA Government Advocacy Committee