Congress has passed an additional stimulus package which includes $310 billion in new funding for the Payroll Protection Program, with a significant allocation to small and regional banks in hopes of getting more money to small businesses.
This new round of funding opened on April 27. If needed, CTC-RI encourages you to apply immediately for the Payroll Protection Program funds. If you competed an application at your bank for the first round of funding but didn't get funding, please check with your bank because you should be first in line for the additional funding. If your application wasn't complete last time, or you did not apply for the first round of funding, we recommend that you complete or submit your application as soon as possible.
The Payroll Protection Program funding is available in the amount of 2.5 times your average monthly payroll and is forgivable if the funds are used for payroll, rent, and utilities over the eight-week period following receipt of the loan.