New legislation provides funding infusion for paused program, along with additional support for COVID-19 response
The U.S. Senate has approved legislation providing much-needed funding for the Paycheck Protection Program (PPP), a tapped-out employment retention incentive established in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, along with additional financial support for small businesses, hospitals, and testing.
After an initial run of $349 billion, this new bill will provide another $310 billion for applying, eligible PPP businesses. To ensure businesses without previous banking relationships, such as nail salons and small restaurants, are able to capture the program funding, the bill earmarks $60 billion of the funding for those companies.
In addition to the PPP funding, the new legislation will also provide funding for the following support and relief efforts:
- $60 billion for Economic Injury Disaster Loan program
- $75 billion for Hospitals
- $25 billion for expanded testing efforts
The bill will now head over to the House of Representatives, which are expected to approve by recorded vote on Thursday. That official session is also expected to see the House vote to change chamber rules allowing for remote voting on legislation related to coronavirus relief. Once approved by the House, the legislation is expected to be signed by President Trump.
For additional information on these programs, along with economic recovery efforts ongoing around the world, visit the clearinghouse website: