Learn
Learn
Close

What is 'They Ask, You Answer'?

A revolutionary approach to driving more sales from your inbound marketing.

Learn MoreLearn More

Free Courses in IMPACT+

Dozens of sales, marketing, and content courses inside IMPACT+. Start learning now.

See all coursesSee all courses
Events
Events
Close
IMPACT+ Membership
IMPACT+ Membership
Close
Services
Services
Close

Services Overview

See how you can dramatically increase your inbound leads and sales.

Services Overview

Digital Sales and Marketing Mastery

Fast track your team’s success with IMPACT's most popular service.

Digital Sales and Marketing Mastery

Web Design

Launch a beautiful website that consistently generates leads and revenue.

Web Design

Virtual Sales Training

Equip your sales team with comprehensive training designed to help them close more deals in today's virtual-first world.

Virtual Sales Training

HubSpot Training & Implementation

Train your company to take ownership of HubSpot and get the most out of your investment.

HubSpot Training & Implementation

Case Studies

See dozens of examples of companies succeeding with Digital Sales and Marketing Mastery and They Ask, You Answer.

Case Studies
Become a Certified Coach
Become a Certified Coach
Close

Congress: More Paycheck Protection Program funds with new coronavirus (COVID-19) stimulus bill

Congress: More Paycheck Protection Program funds with new coronavirus (COVID-19) stimulus bill Blog Feature

John Becker

Revenue and Features Editor, Co-host of Content Lab, 15+ Years of Writing and Teaching Experience

April 23rd, 2020 min read

Update Friday, April 24, 2020: Both the U.S. Senate and House of Representatives have now passed this new stimulus bill, and it has been signed into law.

Per the Washington Post

"The legislation, approved 388-5, would restart a small-business loan program that was swamped by demand and allocate more money for health-care providers and virus testing. The vote was historic, as many lawmakers wore masks on the House floor, some even speaking through face coverings as they delivered impassioned remarks."

What follows is more information about what was planned for this package, as well as links to our resources for businesses looking to use the Paycheck Protection Program and other opportunities afforded by this and and the previous stimulus bill.

As soon as the CARES Act (or Coronavirus Aid, Relief, and Economic Security Act) rolled out last month, there was already clamor suggesting that it would not do enough to mitigate the economic impact of coronavirus.

At the center of this historic legislation was $349 billion in small business economic relief called the Paycheck Protection Program (PPP) that offered forgivable federal loans to help businesses keep their workers employed over the next eight weeks

Within two weeks, the PPP was out of money, and many SMBs that applied were left with nothing to show for their efforts.

According to the National Small Business Association, 52% of small businesses with over 20 employees were approved for a PPP loan, but just 18% of businesses with fewer than 10 employees received approval. 

All in all, the Small Business Administration has approved about 1.6 million PPP loans thus far, but hundreds of thousands of applications hang in the balance.

Thus, the federal government began looking to replenish the funds.

Now, after passing the senate earlier in the week, a new stimulus bill awaits a house vote.

coronavirus-aid-billThe House debate on Thursday, courtesy of C-SPAN

President Trump has already made it clear that he will sign the legislation into law once it passes Congress.

What's in the new legislation?

Congress is allotting an additional $310 billion in PPP funding (in addition to roughly $174 billion in other relief funding).

As before, the application process still must go through an SBA-approved lender. Here is a full explanation of necessary paperwork and application materials.

Businesses can apply for an amount equivalent to 250% of their average monthly payroll costs — up to $10 million. 

However, experts are predicting that this new funding may go quickly as well, so speak with your bank as soon as possible. 

Do small banks offer you a better shot at PPP funds?

Earlier this week, four of America's largest banks were sued by a collection of SMBs from California, alleging that they had prioritized larger companies' PPP applications because these meant more revenue for the banks. 

Bank of America, Wells Fargo, US Bank, and JP Morgan Chase allegedly did not follow a first come, first served model when administering PPP funds.

Lawsuits notwithstanding, you might just be better off applying with a smaller bank.

According to Crain's New York Business: "Here’s a tip for small businesses looking for a Paycheck Protection Program loan: You’ll probably have better luck applying at a small bank—maybe a really small bank." 

"Banks with less than $1 billion in assets processed almost 20% of PPP loans, according to a report this week by Keefe Bruyette & Woods, even though the tiny institutions hold only 6% of the banking system’s total assets." - Aaron Elstein, Senior reporter, Crain's New York Business

According to Duncan Davidson from Bullpen Capital, "The bigger the bank, the worse the application experience." He advises that "you could get approved faster through...SBA-lenders or community banks."

However, you should not apply to multiple banks at the same time. This could compromise your chance for approval.

The average PPP loan issued thus far is around $240,000. For such relatively small loans, a smaller bank might make the most sense, as they are less likely to cater to larger clients. 

The scope of the problem

With millions of businesses and tens of millions of workers affected, another $310 billion can only go so far. 

According to the Federal Small Business Administration, there are over 30 million small businesses in the US, employing nearly 60 million workers. In the face of such numbers, $660 billion starts to look smaller and smaller

The demand for PPP funds is sure to remain sky high, so immediate, judicious action is the best way forward. 

Want to learn more about digital sales and marketing?

Master digital sales and marketing when you join IMPACT+ for FREE. Gain instant access to exclusive courses and keynotes taught by Marcus Sheridan, Brian Halligan, Liz Moorehead, Ann Handley, David Cancel, Carina Duffy, Zach Basner, and more.

Sign up for free
Take a peek

Access hundreds of FREE courses and keynotes

Free Course
Digital Sales & Marketing Framework for Today’s Buyers
By: Marcus Sheridan
View Course Preview View Course Preview
Free Keynote
A New Way to Compete & Win
By: Brian Halligan
View Course Preview View Course Preview
Free Virtual Keynote
How To Genuinely Feel Confident, Be Likable, And Build Trust On Camera
By: Liz Moorehead
View Course Preview View Course Preview
Free Keynote
The Future of Marketing is Conversational​
By: David Cancel
View Course Preview View Course Preview
Free Deep Dive
HubSpot On a Budget: Getting Started with HubSpot Starter Hubs
By: Courtney Caldwell
View Course Preview View Course Preview
Free Course
Assignment Selling: Content is Your Greatest Sales Tool
By: Marcus Sheridan
View Course Preview View Course Preview
Free Keynote
The Big, Bold, Brave New World of Marketing​
By: Ann Handley
View Course Preview View Course Preview
Free Course
Investing in Incredible Digital Sales and Marketing Results
By: Chris Duprey
View Course Preview View Course Preview
Free Course
How To Show Your Content Makes Money With HubSpot Marketing and Sales Hubs
By: Liz Moorehead
View Course Preview View Course Preview
Free Virtual Keynote
The Visual Sale
By: Marcus Sheridan & Tyler Lessard
View Course Preview View Course Preview
Free Keynote
Marketing Tech: What’s Now, What’s Near and What’s Not Anytime Soon?​
By: Dharmesh Shah
View Course Preview View Course Preview
Free Course
Inbound Lead Generation & Conversion Optimization
By: Carina Duffy
View Course Preview View Course Preview
Free Virtual Keynote
Fundamentals of Videography: You Can Be a Great Videographer Too
By: Zach Basner
View Course Preview View Course Preview
Free Deep Dive
The Ultimate Customer Service Toolkit for Any Budget
By: Andriti Gulati
View Course Preview View Course Preview
Free Course
6 Topics Subject Matter Experts Need to Address
By: Kevin Phillips
View Course Preview View Course Preview
Free Keynote
Fanocracy: The Power of Making Business Personal​
By: David Meerman Scott
View Course Preview View Course Preview
Free Keynote
The Power of Pillar Content
By: Liz Moorehead
View Course Preview View Course Preview
Free Keynote
SEO for the Future
By: Franco Valentino
View Course Preview View Course Preview
Free Course
Fundamentals of Social Media Marketing
By: Stephanie Baiocchi
View Course Preview View Course Preview
Free Deep Dive
A Practical Guide To Video Graphics
By: Colton Trcic
View Course Preview View Course Preview
Free Session
How To Get Your Community To Know, Like, And Trust You With Video
By: Marki Lemons Rhyal
View Course Preview View Course Preview
Free Course
Video Sales and Marketing Strategy
By: Zach Basner
View Course Preview View Course Preview
Here Are Some Related Articles You May Find Interesting

Want to Contribute Content to impactplus.com? Click Here.

IMPACT+ Sign Up
A FREE online learning community with on-demand courses, hundreds of expert-led sessions, thousands of your peers ready to support you, and much more.
Check it out
The tools, education, and community you
need to master They Ask, You Answer.
Check it out
The tools, education, and community you need to master They Ask, You Answer.