a. Paycheck Protection Program Extension Act – On March 30th, President Biden signed into law the two-month extension to apply for a Paycheck Protection Program (PPP) loan. As a refresher, the legislation extends PPP through May 31. Further, if eligible organizations apply by May 31, the Small Business Administration will permit lenders an additional 30 days to process and approve any outstanding applications. The maximum loan amount of a second PPP loan is two-and-a-half times the average monthly 2019 or 2020 payroll costs, up to $2 million. Eligibility criteria for a second PPP loan are as follows:
- The applicant received a first PPP loan and will or has used the loan only for authorized uses;
- The applicant employs no more than 300 people; and
- The applicant can demonstrate at least a 25-percent reduction in gross receipts between comparable quarters in 2019 and 2020.
b. The administration’s proposed American Jobs Plan/Build Back Better includes an $18 billion commitment to address VA hospital and clinic infrastructure.