If you own a small business and missed out on filing your application or receiving funding last week when the funds ran out, your second chance is here. $484 billion in new funds are expected to become available this week including $322 billion for the small business loan program that ran out of funds within two weeks, $60 billion for small-business disaster loans and grants, $75 billion in emergency funding for hospitals and roughly $25 billion for testing. Expected to pass the senate on Thursday and endorsed by Trump tweet earlier today, the funding should be available for loans by Friday at the latest.
Key to the bipartisan deal was negotiations of hospital and state and local funding. Hospitals made the cut as well as the inclusion that the $60 billion be reserved for smaller lenders to serve rural and underserved populations. Many lawmakers are saying this is only a stopgap and pressure for the next round of funding is already mounting.
If you’re in need, check out your options at SBA.gov and your local bank. The pace with which funding reaches applicants and the country gets back to work will be critical in keeping our economy going.