President Trump signed legislation today that replenishes funds for the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Emergency Advance (EIDL). The $480 billion package includes $310 billion for the PPP and $60 billion for EIDL.
If you previously applied for these programs but did not receive funds, contact your financial institution to reiterate your interest in the program and ask if they require additional information.
If you have not yet applied for these programs, you should immediately begin your application process. Getting your applications submitted early may improve your chances of being approved and securing funds.
Here are some resources to get you started:
–The MIC COVID-19 resource page
–U.S. Small Business Administration Coronavirus Relief Option page
–PPP Borrower Application Form
Qualification and access to this reinfusion of cash for the previously passed PPP and EIDL programs are on a first come, first served basis, so reach out to your lender as soon as possible.
Your MIC Team
