<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=690758617926394&amp;ev=PageView&amp;noscript=1">
The Complete Payroll Blog

Second Round of PPP Funding Approved

Posted by Complete Payroll | Apr 27, 2020 3:45:00 PM

Second Round of PPP Funding Approved

After the initial $350 Billion was depleted within days, President Trump approved an additional $484 Billion in funding for the Paycheck Protection Program (PPP) last Friday.  

Of this second round of funding, $75 Billion has been reserved to help hospitals cover costs, and $25 Billion to help ramp up testing for COVID-19. 

This measure is now the fourth relief package approved by the government since the beginning of the Coronavirus pandemic. So far, nearly $3 trillion has been spent to battle the economic fallout from the crisis, including the initial $2.2 Trillion spent on the CARES Act, signed into law March 27th. 

The second round of funding includes: 

  • $310 Billion to refund the original Paycheck Protection Program, intended to provide loans to small businesses that can be forgiven if used on payroll, employee benefits, utilities, and/or rent.
    • $60 of this $310 Billion is set aside for small lenders.
  • $60 Billion for Small Business Association (SBA) disaster assistance loans and grants
  • $75 Billion in grants to hospitals to help with the influx of patients
  • $25 Billion to help improve and expand testing, which has been identified as a necessary component in reopening the U.S. economy

It is believed that this most recent package will not be the last of its kind. On Sunday, Speaker Nancy Pelosi promised that an additional $700 Billion bill is on its way, aimed at helping State and Local governments.

Additionally, the Federal government is considering an estimated $10 Billion loan for the United States Postal Service, but only if certain criteria are met. 

Stay tuned to our blog for updates on these and any additional assistance programs as they are announced. 

Topics: COVID-19

Complete COVID-19 Resources for Employers

Written by Complete Payroll

We do payroll, HR, timekeeping and more for employers all over the country from a small, rural town in Upstate New York. And we're constantly publishing articles and other resources to help business owners, HR managers or anyone that helps manage a workforce. Welcome to Payroll Country!

Are you using our free resources?

We're constantly publishing free tools to help with payroll, HR and other administrative objectives.

Complete COVID-19 Resources for Employers
New Call-to-action

Subscribe to instant blog email notifications

Recent Posts

General Disclaimer

The materials and information available at this website and included in this blog are for informational purposes only, are not intended for the purpose of providing legal advice, and may not be relied upon as legal advice.  The employees of Complete Payroll are not licensed attorneys. This information and all of the information contained on this website are provided pursuant to and in compliance with federal and state statutes. It does not encompass other regulations that may exist, including, but not limited to, local ordinances. Complete Payroll makes no representations as to the accuracy, completeness, currentness, suitability, or validity of the information on this website and does not adopt any information contained on this website as its own. All information is provided on an as-is basis.  Please consult an attorney to obtain advice with respect to any particular question or issue.