We previously shared Understanding the CARES Act with our customers and agents when the relief bill was signed into law. In late April, Congress passed a new bill to increase funds for the Payment Protection Program created by the CARES Act, which the president has now signed. According to the American Property Casualty Insurance Association (APCIA), the new legislation:
Increases the authorization level for the Paycheck Protection Program from $349 billion to $659 billion.
Increases the appropriation level for the Paycheck Protection Program from $349 billion to $670.335 billion.
Increases the authorization level for the Emergency Economic Injury Disaster (EIDL) Grants from $10 billion to $20 billion.
Allows agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.
Appropriates an additional $2.1 billion for the Salaries and Expenses account to remain available until September 30, 2021.
Appropriates an additional $50 billion for the Disaster Loans Program Account to remain available until expended.
Appropriates an additional $10 billion for Emergency EIDL Grants to remain available until expended.
How does my organization access these funds?
The U.S. Small Business Administration has several resources available to help organizations access the relief aid.
The law firm Locke Lord provides a detailed overview of the CARES Act. While the information highlights nonprofits, it does apply to any type of business.
Philadelphia Insurance wants to be sure our clients and agents are kept up to date. Please review our previous blog posts regarding the COVID-19 pandemic and be sure to check back as more are released:
Coronavirus Information for Individuals and Organizations