Congress Approves Additional Funding for Paycheck Protection Program

The Senate passed legislation on Tuesday providing an additional $310 billion for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) which provides low interest loans with loan forgiveness for small businesses (wineries with fewer than 1000 employees) struggling as a result of the Coronavirus. See a summary of the bill’s PPP provisions. The House is expected to pass the legislation on Thursday and the new funds should be available very soon thereafter. See a summary of the PPP and information on how to apply for a loan.

Update, April 27: Last week, Congress enacted an additional $321 billion for the Paycheck Protection Program (PPP) to assist small businesses with covering payroll, utility, rent and mortgage costs and $50 billion for the Economic Injury Disaster Loan Program (EIDL). President Trump signed the legislation into law on Friday and the new funds are now available. To ensure that a wider group of borrowers have access to the loans, $60 billion was dedicated for PPP loans managed by community banks and credit unions. See an updated FAQ document on the PPP. Grape growers who employ fewer than 500 workers will now have access to loans from both programs. See additional information on SBA assistance for small wineries.