More PPP Funds in the Pipeline - COVID-19 Legislation

On April 21, 2020, the Senate passed H.R. 266, the Paycheck Protection Program and Health Care Enhancement Act.  The House plans to vote on the bill on April 23, 2020, and the President is expected to sign the bill into law shortly thereafter.  The bill appropriates an additional $310 billion dollars to the Paycheck Protection Program (“PPP”).  However, the bill does not make any substantive changes to the structure or terms of the PPP or extend any of the PPP’s deadlines. 

The bill also reserves $30 billion of the additional PPP funds for loans made by federally insured banks and credit unions with assets between $10 billion and $50 billion and reserves an additional $30 billion of the additional PPP funds for loans made by community financial institutions, as well as federally insured banks and credit unions with assets under $10 billion.

Additionally, the bill appropriates an additional $10 billion dollars to the emergency Economic Injury Disaster Loan grant program and expands eligibility for that program to include agricultural enterprises with less than 500 employees. 

If you have any questions related to this legislation, please contact your attorney at Pedersen & Houpt or the attorneys below and we will answer your questions and walk you through the program.

Larry Byrne  
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2155
lbyrne@pedersenhoupt.com

Eric J. Kordish
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2249
ekordish@pedersenhoupt.com

Matthew J. Schmidt
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2281
mschmidt@pedersenhoupt.com

David A. Martin
Attorney at Law
161 North Clark Street, Suite 2700
Chicago, Illinois 60601
312-261-2286
dmartin@pedersenhoupt.com