The Independent Oil and Gas Association of West Virginia wishes to inform you that late yesterday, April 21, 2020, the United States Senate approved roughly $484 billion in a second wave of COVID-19 relief funds for small businesses and hospitals and additional funding for testing.
This new funding package includes an additional $310 billion for the Paycheck Protection Program (PPP), $60 billion of which is set aside for credit unions, community banks and smaller lenders. In addition, there is $75 billion set aside for hospitals, $25 billion for virus research and testing ($11 billion of which goes directly to States), and another $60 billion for the Economic Injury Disaster Loan program and grants.
The United States House of Representatives is expected to take this bill under consideration tomorrow, Thursday, April 23.
IOGAWV encourages you to contact your local lender as soon as possible regarding this newly funded US. Small Business Administration loan program. As previously reported, the application can be found here and SBA-approved lenders can be found here.