April 24, 2020 Coronavirus en_US The Paycheck Protection Program (PPP) has been replenished through a federal stimulus package that authorizes an additional $310 billion in relief funding. https://quickbooks.intuit.com/cas/dam/IMAGE/A3ZOjNJR1/relief-package-adds-310billion-ppp.jpg https://quickbooks.intuit.com/r/coronavirus/new-ppp-funding/ New relief package adds $310 billion to the Paycheck Protection Program
Coronavirus

New relief package adds $310 billion to the Paycheck Protection Program

By Myranda Mondry April 24, 2020

On April 24, 2020, President Donald Trump signed into law a new federal stimulus package authorizing an additional $484 billion of coronavirus relief funding, of which $310 billion was allocated to replenish the government-backed Paycheck Protection Program (PPP).

Given the large demand for federal relief funds, these additional PPP funds could run out within days.

How the new PPP funds may benefit small businesses

The original $349 billion allocated to the PPP was depleted within two weeks of the program’s announcement. Small businesses struggled to compete with larger businesses that were obtaining loans faster than mom-and-pop shops.

This new relief package allocates $60 billion of the supplemental PPP funding to insured depository institutions, credit unions, and community financial institutions.

Business owners have been submitting applications with eligible lenders in anticipation of the renewed PPP funding. Many businesses still need relief, and experts predict the $310 billion in additional funding could dry up within a week.

How small businesses can access new PPP funds

Eligible small businesses can collect all the required documents and apply with a PPP-approved lender. Time is of the essence. QuickBooks Payroll customers can apply for PPP loans within QuickBooks Capital. We will submit applications to the Small Business Administration (SBA), if we are able, should additional funds become available.

Many lenders have been communicating with their clients throughout this process. If you’re unsure of the status of your PPP application, follow up with your lender directly for more information.

Additional resources

How much can I get from a PPP loan?

How can I use my PPP loan?

How can I have my PPP loan forgiven?

QuickBooks Capital is licensed as Intuit Financing Inc. (NMLS # 1136148), a subsidiary of Intuit Inc. In California, loans are made or arranged under CFL Licensed #6054856.

Minimum loan amount varies by state. 

Intuit Financing Inc. is a licensed lender in states that require a license. Our service is limited to commercial or business loans only. State licenses include: AK #10000990, CA #6054856, DC #ML1136148, FL #CF9901279, MD #03-2339, MN #MN-RL-1136148, NM #1899, ND #MB102690, RI #20183584SL, RI #20183583LL, SD #MYL.3279, TN #166418, VT #7194 and VT #7195.

Intuit Financing Inc., (d/b/a QuickBooks Capital) is an authorized SBA Paycheck Protection Program Lender.

Loan and forgiveness calculations and eligibility may vary. Refer to the SBA.gov for information about your particular situation. 

Coronavirus relief programs are evolving regularly. Please visit SBA.gov or https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses for the most up to date information.

The funding described is made available to businesses located in the United States of America and are not available in other locations. 

This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.

We provide third party links as a convenience and for informational purposes only. Intuit does not endorse or approve these products and services, or the opinions of these corporations or organizations or individuals. Intuit accepts no responsibility for the accuracy, legality or content on these sites.

Rate This Article

This article currently has 1 ratings with an average of 1.0 stars

Myranda Mondry

senior content creator

Myranda Mondry is a senior content creator for the QuickBooks Resource Center. She graduated with a degree in English and Journalism from Boise State University. Her work has been published in Forbes, The Huffington Post, and other top-tier publications. Myranda currently resides in Boise, Idaho, where she runs an Etsy shop selling handmade heirloom quilts. She’s passionate about her dogs, '80s rock music, and helping small businesses succeed. Read more