On April 21, the Senate approved an additional $310 Billion in additional funds for the Paycheck Protection Plan (PPP) loan program. The House is expected to vote affirmatively today, April 23. President Trump is expected to sign off quickly once the bill is on his desk.
$60 billion of these monies has been set aside for smaller community banks and credit unions to assist the smallest of the business impacted by the Corona Virus pandemic. Small businesses that have not applied for the PPP loan should get their loan applications in as soon as the banks reopen the portals. There are already a backlog of applications which have not been funded.
The first round of funding was depleted less than two weeks after the window opened to apply. The additional funds for PPP loans are part of a $484 billion stimulus package which will also send more money to hospitals and testing facilities, as well as Economic Injury Disaster Loan (EIDL) programs and disaster recovery loans.