The Senate has reached an agreement to provide an additional $300 billion for the Paycheck Protection Program that ran out of money five days ago. The House is expected to approve the bill Thursday, and the President is expected to sign it immediately. Approximately $100 billion is also being allocated for other pandemic relief measures.
We urge our business and not-for-profit organizations who have been affected by COVID-19 to contact their banks to ensure that all the paperwork is in place for their relief applications to be processed as soon as the additional funds are available.
If you have not completed an application because you thought you were too late, submit your application now! We expect additional PPP relief money to be distributed starting later this week.
Please note that many banks have different documentation requirements; therefore, please contact your bank to ensure that you have a complete list of documents that you will need to send to them in order to have your loan approved. Also, ask for an acknowledgement that your application is complete!
The whole COVID-19 situation changes and updates rapidly. We at RINA are a resource to help our clients and the community at large to navigate through this crisis. We have a dedicated team that can determine your maximum loan amount and potential forgiveness.
Please reach out to us if we can help. We have resources, FAQ, advice, and services listed on our website. Also, please contact your RINA accountant for assistance, or send email to our COVID response team.
Please reach out to us if we can help in any way. We want to be of service.