October 29, 2020

Washington Wire: Senate Passes Bill Adding More Funds to Paycheck Protection Program

04/21/2020

Senate Passes Bill Adding More Funds to Paycheck Protection Program  

 
The U.S. Senate approved a new round of funding of coronavirus aid today, the majority of which is designated for reopening the Small Business Administration’s Paycheck Protection Program (PPP) to provide relief for small businesses. The House of Representatives will meet on Thursday at 10:00 a.m. to consider the package, which President Trump has already indicated that he will sign. The SBA cannot resume accepting loans, there are over 800,000 pending in limbo, until a bill is signed and SBA has the official authorization to resume lending.
 
The $484 billion interim emergency funding package includes $321 billion for the PPP, $60 billion of which is set aside for small and community-based financial institutions to help serve women, minority, and veteran-owned businesses. The legislation also includes additional funding for SBA programs beyond the PPP, including $60 billion for loans and grants through the Economic Injury Disaster Loan (EIDL) program, which received $388 billion in requests as of last week.
 
In addition to relief for small businesses, the measure includes $75 billion for hospitals, health systems, and health care workers and $25 billion to implement a nation-wide testing program.
 
Once passed, Congressional leaders will formally pivot to working on the next phase of COVID-19 relief legislation.
 
We lobbied to secure a second round of funding for the PPP and are working with the White House and Congress on the next phase of support for manufacturers. We will provide a further update later this week on developments in the U.S. House of Representatives.