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Paycheck Protection Program Increase

Today's addendum to the CARES Act includes the following:

Section 101 provides amendments to the Paycheck Protection Program and to the Economic Injury Disaster Loans, and Emergency Grants.

The agreement increases the authorization level for the Paycheck Protection Program from $349 billion to $659 billion, and increases the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion.

See our video on the EIDL Program: https://youtu.be/SzwQp11n-YQ(As we said in the video, you will want to document your EIDL and PPP applications. We still feel this program will have a hard time reaching women, Black, Hispanic and Asian small businesses. It has also been shown to provide more loans to red states than blue.)

The law also creates a set-aside for Insured Depository Institutions, Credit Unions, and Community Financial Institutions for the Paycheck Protection Program. It defines Community Financial Institutions as minority depository insti…