The new measure doubles the authorization of advance funds from the SBA for Economic Injury Disaster Loans (EIDL) to $40 billion from $20 billion and extends it through December 31, 2021.
A new wrinkle is that the bill provides $20 billion for certain entities to receive the difference between $10,000 and the advance funds they received under the CARES Act. Eligible recipients include those with 300 or fewer employees located in low-income communities and that had economic losses of at least 30% over eight weeks compared with a similar period pre-pandemic.
Additionally, the new bill repeals the CARES Act provision that requires PPP forgiveness amounts to be reduced based on EIDL advances
For more information, please visit theSmall Business Administration’s (SBA) Paycheck Protection Program website.