WASHINGTON—A new $484 billion federal stimulus package is officially in place after receiving President Trump's signature April 24.
Both the Senate and House approved the measure, which includes $320 billion more to fund the Paycheck Protection Program. That includes $60 billion that will be funneled through local banks and financial institutions as a way to more broadly disperse the cash.
As the new money becomes available, the Specialty Equipment Market Association is urging its members to take quick action if they want to apply for federal aid through the PPP.
The program is designed to help businesses keep their employees working during the COVID-19 crisis.
An initial round of $349 billion ran out in about two weeks, causing federal legislators to add the additional cash.
Money for the program can go toward expenses such as payroll, mortgage and rent. Loans are forgivable if businesses, for the first eight weeks, keep their employees and payroll levels.
SEMA recommends applicants work with their existing banks when seeing PPP funding due to reports that "many banks are not providing loans to businesses they haven't worked with previously."