Small businesses across the country will once again be able to apply for the Paycheck Protection Program (PPP). After quickly passing the U.S. Senate earlier this week, the U.S House approved the $484 billion Coronavirus Relief Bill late Thursday afternoon that includes funding to replenish the PPP. President Trump signed the bill into law this morning.
Last week, the Small Business Administration announced they were unable to accept new applications for the program based on available appropriations funding. Shortly after, the Senate Republicans worked to pass a temporary funding bill that included an additional $300 billion for the PPP; however, Democrats quickly opposed the bill citing the need to include funding for hospitals and local and state governments.
The new $484 billion Coronavirus Relief Package includes $310 billion for the Paycheck Protection Program (PPP), $60 billion is specifically set aside of community banks and small lenders. The bill also includes $75 billion for hospitals, $25 billion for testing, and $60 billion for emergency disaster loans and grants.
Earlier this week Speaker Pelosi announced that the House would also vote to change its rules to allow remote voting. Those plans have changed, and the House will now create a bipartisan group to study how the House can conduct business during the pandemic.
