On Tuesday afternoon, the Senate approved a coronavirus bill aimed at replenishing the exhausted Small Business Administration funding. The $484 billion package appropriates $380 billion to the SBA, $321 billion of which will go into funding Paycheck Protection Program (PPP) loans.
ABA commends the Senate for passing the funding package, which would provide much-needed relief to those small businesses that were not able to secure PPP funds yet. The funding for the PPP had run out last week, as Congress had initially provided $349 billion in funding for the program. The program structure will remain unchanged and applicants will undergo the same loan process.
Congress appropriated another $60 billion to SBA’s economic injury disaster loans, another relief option that faced depleted funding. The Senate bill also allocates $75 billion to hospitals and $25 billion to disease testing. The House is expected to vote on the package on April 23, 2020.
If you are interested in learning about or obtaining an SBA loan, please visit ABA’s COVID-19 Support & Relief Hub.