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04.27.20 Issue Advisory

SBA to resume receiving paycheck protection applications Monday

(Member Alert sent April 25, 2020)

The White House announced Friday night (April 24) that the Small Business Administration (SBA) will resume receiving applications for the Paycheck Protection Program (PPP) at 10:30 am Eastern time on Monday (April 25) following the infusion of an additional $320 billion into the popular program in legislation enacted by Congress.

NGFA-member companies interested in applying for the program may wish to contact their lenders immediately, including those whose applications have been pending with their lender after the PPP ran out of funds on April 16.  

President Trump signed the new bill into law late Friday. The PPP, initially established under the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted in March, is among several economic measures enacted to provide economic assistance during the COVID-19 pandemic.  

The latest infusion allocated $60 billion of the $310 billion infusion for use by small banks and credit unions – half to lenders with assets of less than $10 billion, and half to those with assets between $10 billion and $50 billion. 

Under PPP, companies with 500 or fewer employees may seek loans of up to $10 million from banks, which are forgivable if the companies use 75 percent of the loan amount to keep employees on the payroll for eight weeks or hire back positions before July 1, 2020 to restore employment and salary levels for any changes made between Feb. 15, 2020 and April 26, 2020. 

More details on this and other provisions of the legislation were reported in the April 24 NGFA Newsletter, which is available here

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Lacy Holleman
Manager of Legal Affairs and Arbitration

lholleman@ngfa.org

Lacy provides staff support for one of NGFA’s premier member services – its more than century old system of industry trade rules and arbitration that facilitates the efficient marketing of grains, oilseeds and their derived products. She also works on contracting, legal and other related matters.

An Arkansas native, Lacy received her undergraduate degree with a double major in history and Russian studies from the University of Tulsa (Okla.) and her law degree from Wake Forest University in Winston-Salem, N.C. Prior to joining NGFA’s staff in November 2020, she managed a local business at the Pentagon and completed mediation training required by the North Carolina Supreme Court for those seeking to serve as mediators for settlement conferences and other settlement procedures in North Carolina Superior Court civil actions. She also has worked as an assistant for a law firm in her native state.