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Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)

On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing.  The House could approve the bill as early as Thursday.

What does this deal include?

  • $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions.
  • $50 billion for EIDL loans and $10 billion for EIDL grants.
  • $75 billion for hospitals.
  • $25 billion for testing, $11 billion of which will be distributed to the states.
  • $2.1 billion for Small Business Administration (SBA) administrative expenses.

It is clarified in this bill that agriculture companies are eligible for the EIDL program.

For questions on the CARES Act and Paycheck Protection Program (PPP), see our Q&A section here.

 

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