The Senate has unanimously approved an additional $322 billion in funding for the Paycheck Protection Program (PPP) as part of a larger $484 billion coronavirus relief package.
The House is expected to pass the bill as early as tomorrow.
The PPP was designed to provide small businesses with forgivable ultra-low-interest loans to keep or rehire employees but exhausted its initial $349 billion allocation after just 13 days.
The new measure, which was negotiated with Treasury Secretary Steven Mnuchin, includes $60 billion that’s to be set aside for smaller lenders like community banks and credit unions, with which BrandSource members reported greater success in processing their applications and winning approval for the loans.
The bill also earmarks $60 billion for small business disaster loans and grants; $75 billion for hospitals; and $25 billion for COVID-19 testing.
YourSourceNews will continue to monitor the latest SBA loan developments.