President Donald Trump signed a $484 billion coronavirus relief bill April 24, replenishing the Paycheck Protection Program fund with $310 billion.
Of the funds set aside for the PPP, $60 billion will be set aside for smaller community lenders to ensure more businesses receive funding.
Initial PPP funding ran out within two weeks of the program's launch. Businesses have been able to apply to be considered once the funds are replenished. Financial institutions continued to process those applications as well, said Abel Harding, IberiaBank North Florida Market President.
“Following the exhaustion of funds in the first round, we have continued to work on client applications that were in the queue and continued to accept new applications so that we are prepared for the second round of funding,” Harding said. “The funds are expected to be depleted very quickly so we will do our very best to serve our clients well as we did in the first round.”
An additional $60 billion will go toward funding the Economic Injury Disaster Loan program, which will provide up to $10,000 to businesses experiencing coronavirus-related difficulties.
Another $75 billion is set aside for hospitals and community health centers and $25 billion will expand COVID-19 testing.
By: Katie Garwood