Senate Clears $320B in Additional Funding for Paycheck Protection Program
Posted: Apr 23 2020
After bipartisan negotiations, the Senate unanimously passed legislation to provide more than $320 billion in new funding for the Small Business Administration’s Paycheck Protection Program. The House must now approve the bill, which it is expected to do in a floor vote later this week.
Of the more than $320 billion appropriated for PPP loans, a minimum of $30 billion will be set aside for community development financial institutions, banks and credit unions with less than $10 billion in assets. Another $30 billion at least will go to banks and credit unions with assets between $10 billion and $50 billion. (Institutions in these categories may originate PPP loans above these levels.) The bill also includes an additional $60 billion in funding for the SBA’s Economic Injury Disaster Loan program and provides long-sought clarity that agricultural businesses may apply for EIDL funds.