Welcome to the How of Business with Henry Lopez and David Begin, the podcast that helps you start, run, and grow your small business. And now here are your hosts.

This is Henry Lopez and welcome to this special episode of the How of Business. This is the third COVID-19 episode that

we've done. And today is April 27th, Monday, April 27th. I make that note because this information now is

so time sensitive. And very importantly, today, Monday, a new round of funding, which was approved last week, is going to open up the

PPP and the EIDL loan programs again, which are closed down, I guess, early last week when we ran

out of money. The government ran out of money for those programs. But a new round of funding is now

available. So the SBA will

resume accepting Paycheck Protection Program applications from participating lenders. So you have to

get your application in with those lenders starting today, Monday, April 27th. They're saying that

the gates will open, if you will, on that with the SBA

at 10.30 a.m. Eastern Daylight time. So with the additional funding provided by the new COVID-19

relief package, the SBA will resume processing EIDL loans, as I said, and the supposed to advance

the grants, those applications that are already in the queue,

they're going to start continuing to process those on a first come, first served basis. So an additional

$310 billion was added by the federal government to the Paycheck Protection Program so that lenders

now can offer more loans to small businesses.

The loan programs, including the PPP and the EIDL, which, as I said, the Small Business Administration

had to shut down on April 16th when the first $350 billion in funding was completely allocated

in less than two weeks.

So that reopens today, according again to the U.S. Treasury and the SBA.

This additional $484 million packages the fourth coronavirus bill to move through Congress

over the last seven weeks.

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