The Senate on Tuesday approved approximately $484 billion in new coronavirus aid for small companies and hospitals and extra funding for testing, ending a long battle over the size and contents of the package.
The deal includes an added $310 billion for the Paycheck Protection Program (PPP), including $60 billion especially for community banks and smaller lenders, as well as $75 billion for hospitals, $25 billion for testing, and $60 billion for emergency disaster loans and grants, according to a summary obtained by The Hill.
Congress recently faced calls to immediately replenish the PPP funds after the initial $349 billion appropriated.
Late last week amid massive levels of interest from independent contractors and businesses that have been struck by the coronavirus. The agreement provides $310 billion for the program as well as an additional $10 billion for organizational costs and fees.
Company owners and the self-employed have encountered particular difficulties and disappointments, as many were incapable of getting a PPP Loan during the last round of funding despite applying as soon as the funds became accessible. Many were not even able to discover the status of their loan PPP application.
· SBA Paycheck Protection Program (PPP) Loans Explained: How They Work, Who Qualifies & Where To Apply
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