President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act, HR 266, which adds additional funding to the PPP, and EIDL pandemic response lending programs. The new law adds $484 billion in additional funding for various programs.
The PPP program that previously ran out of money was injected with another $310 billion. The EIDL program that was also massively oversubscribed received another $10 billion for emergency grants and $50 billion for more EIDL loans.
This law creates a new special $60 billion set aside of dedicated money for smaller sized lenders.
- $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
- $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.
The new law adds additional money for hospitals ($75 billion), and testing ($25 billion).
For TMHA members who have applied but did not receive loans or grants under the first bill, we encourage you to reach back to your previously applied lenders now that additional funding is available.
Additionally, for those having difficulty with existing or previous lenders, which we have heard numerous reports of problems, TMHA encourages you to shop other lenders.
Many other lenders have entered this space, like Credit Human, and with the new set asides for smaller lenders and credit unions, check with those that you do business with locally to see if they too are offering loans.
Leveraging existing relationships with lenders, especially smaller and local lenders, and lenders familiar with the manufactured housing industry has proven highly effective for many TMHA members.