On April 24, 2020, the U.S. President signed into law the Paycheck Protection Program and Health Care Enhancement Act (PPP Enhancement Act), which appropriates an additional $321 billion for the Paycheck Protection Program (PPP), as enacted under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The $321 billion infusion under the PPP Enhancement Act replenishes the PPP after the program utilized the entire $349 billion commitment that was originally authorized under the CARES Act.  Of the $321 billion, the SBA is obligated to set aside and guarantee $30 billion for (i) insured depository institutions with consolidated assets between $10 billion and $50 billion and (ii) credit unions with consolidated assets between $10 billion and $50 billion, and another $30 billion for (i) community financial institutions, (ii) insured depository institutions with consolidated assets of less than $10 billion and (iii) credit unions with consolidated assets of less than $10 billion.
Continue Reading Enactment of the Paycheck Protection Program And Healthcare Enhancement Act and Further Interpretive Guidance on The Economic Uncertainty Certification And PPP Eligibility