House and Senate Approve Refunding Payroll Protection Program and Economic Injury Disaster Loan Program

Update:  The CARES Act Paycheck Protection Program (PPP) which provides forgivable loans of up to $10 million to small businesses, were loosened on June 5, 2020.  A small business now has the earlier of twenty-four (24) weeks after a PPP loan is originated or until December 31, 2020 to use PPP funds.  This is a change from the original eight (8) weeks after the loan is originated.  In addition, now, a borrower is only required to use 60 percent of PPP funds for payroll and may use up to 40 percent on mortgage interest payments, rent, and utility payments.  Click here

San Joaquin County Offers Economic Development Funding to Small Business Impacted by COVID-19

Latest Package Would Provide $320 billion for PPP, and $60 billion for Economic Injury Disaster Loans
Smaller financial institutions and credit union set to receive $30 billion