The US House gave final legislative approval to a bill refunding of the Paycheck Protection Program yesterday with an additional $310 billion and sent the bill to the President Trump, who has already signed it into law. The law immediately provides additional funding to the PPP for forgivable loans to small businesses and with that significant increase in the spending authorization levels, those of you who have yet to apply for PPP assistance should immediately speak with your lenders about doing so. The legislation, which the Senate approved on Tuesday, also increased the authorization level for Emergency Economic Injury Disaster Grants (EIDL) from $10 billion to $20 billion thereby offering more assistance to small business interests. With an additional $60 billion earmarked specifically for smaller lenders – $30 billion for loans made by insured depository institutions and credit unions with assets between $10 billion and $50 billion, and the other $30 billion for community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion – the universe of lending institutions that may participate in the PPP was greatly expanded. Other components of this latest stimulus package include $75 billion for hospitals and the health care industry as well as another $25 billion for COVID-19 testing efforts at the state level. If you plan to apply for either a PPP or EIDL loan, please do so quickly!