Last evening, the House of Representatives approved the newest coronavirus aid package. The bill previously passed the Senate on Tuesday. President Trump is expected to sign the bill later today.
The bill includes a $250 billion infusion to the recently established Paycheck Protection Program (PPP) loans, plus an added $60 billion for PPP loans targeted for small businesses in rural areas as well as minority-owned businesses. The bill also includes $25 billion for coronavirus testing resources and $75 billion in additional funding for hospital and other healthcare providers for COVID-19-related expenses.
With the signing of the bill, banks will resume processing PPP applications. We know from responses to the survey we conducted this past week, that more than 500 Jewish organizations were still in process when the first round of funding ran out. While we know there were many challenges in the application process during the first round, hundreds of organizations in our community were approved and have received funding that is providing a critical lifeline during this difficult time. We strongly encourage those that have not yet made it through the process to resume their efforts now that the program has been replenished.
For organizations that may not qualify for the PPP loans, there are other opportunities to access federal resources during the crisis, including the Main Street Loan Program (potentially for larger organizations) as well as the opportunity to defer payment of the employer share of federal payroll taxes.
We still expect additional guidance from the SBA on the details of the PPP program, especially on how the forgiveness of the loans will work. As soon as the SBA releases this guidance, JFNA will update the information on JewishTogether.org and schedule another webinar to help everyone understand the evolving program.