This update follows MHS attendance at a meeting held April 21 by MHS sister health & human services association, the Jewish Federation, at which Senator Marco Rubio provided updates on the Paycheck Protection program loans.
On Tuesday, the Senate approved an additional coronavirus relief package, which provides $310 billion more in funding for the Paycheck Protection Program. The bill is expected to be signed into law later this week. Senator Rubio estimates the actual need to be upwards of $1 trillion. The proposed second round extension is unlikely to meet the totality of this need. It is possible that a third round of funds may be approved in the future.
As most banks have learned how to process the Paycheck Protection Program loans, we can anticipate that this loan process will move more quickly than the first round.
If you did not receive first round funding and/or have not heard from the bank on your loan application:
- Contact the individual you normally do business with at your bank and ask them to advocate with the SBA loan department for you.
- Ensure that your loans are complete with all necessary documentation.
- Check with the bank to make sure your loan has moved to underwriting and will be processed now.
For more information on how to apply, please visit www.mhsonline.org/nonprofit-loans/cares-act. Paycheck Protection Program loans are intended to prevent layoffs and keep small businesses solvent.