Members Urged to Act Quickly as Feds Fund Additional PPP Loans

By Alan Wolf, YSN

The House of Representatives overwhelmingly approved a coronavirus relief package late yesterday that includes an additional $322 billion in funding for the Paycheck Protection Program (PPP) and $60 billion for small business emergency loans and grants.

The bill was unanimously passed by the Senate earlier this week and President Trump is expected to sign it into law this afternoon.

The PPP provides forgivable loans to small businesses at ultra-low interest rates to retain or rehire employees but exhausted its initial $349 billion allocation after just 13 days.

During a virtual Town Hall this week, AVB CEO Jim Ristow urged BrandSource dealers who haven’t already applied for the PPP or SBA emergency loans to do so immediately, as the demand is great and the pool for this crucial lifeline is limited. He also advised attendees to submit their applications through their community bank or credit union, as members have reported greater success receiving loan approvals through smaller institutions.

The new CARES Act extension specifically earmarks $60 billion for local lenders, as well as $75 billion for hospitals and $25 billion for COVID-19 testing.

All application forms are available on the COVID Info Hub’s Loans and Aids section.

BrandSource is imploring members to submit their applications ASAP as the funds are likely to be depleted quickly.

BrandSource is a unit of YSN publisher AVB Inc.