The Independent Oil and Gas Association of West Virginia wishes to inform you that late this afternoon, Thursday, April 23, 2020, the U.S. House of Representatives passed the $484 billion economic aid package that replenishes the SBA Paycheck Protection Program funding. This legislation was passed by the U. S. Senate earlier this week. This second wave of relief funds are designated to assist small businesses and hospitals, with additional funding for virus research and testing.
This funding legislation 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.
IOGAWV suggests that you contact your local lender regarding any previous application you may have made or to apply for a U.S. Small Business Administration loan. The SBA loan application can be found here and SBA-approved lenders can be found here.
