Five days after funding for small businesses under the CARES Act was depleted, the Senate approved a new stimulus package with funds totaling almost $500 billion. The new package delegates approximately $380 billion to the Paycheck Protection Program, which provides loans to qualifying small businesses. Portions of this funding will go specifically towards loans to smaller lending facilities and minority owned businesses. The SBA’s Economic Injury Disaster Loan program is also expected to receive a portion. The remainder of funding will go towards hospitals and coronavirus testing.
The House is expected to vote on the package on Thursday. President Trump has also voiced support for the bill and is expected to sign it into law.
Businesses that qualify for a PPP loan but did not submit an application during the first round of funding should have applications ready to submit as applications are expected to be processed on a first-come, first-served basis. Businesses that have already submitted applications for a PPP loan but whose applications have not been processed need not submit a new application.
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