Senate Passes Additional Funding for the Paycheck Protection Program

Posted by Ben Shuey on April 21, 2020

Moments ago the United States Senate passed a bill to increase funding for the SBA’s Paycheck Protection Program set up under the CARES Act. The program was originally funded with $349 billion for small businesses and ran out of funding in it the first two weeks. Today’s legislation would include an additional $310 billion in funding along with another $10 billion for the Emergency Economic Injury Disaster (EIDL) Grants. 

Additionally, in a win for credit unions, there is a set aside of $60 billion dollars from the above mentions $310 billion that is designated for the following institutions: 

• $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
• $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.

Other funding provisions in the bill include additional funding for testings, state and local hospitals, funding for SBA staffing and operations. This bill will now needs to pass the House where it will likely be considered on Thursday.

We continue to advocate with members of the House on the important these funds to our local communities, you can send a message to your Representative here. 

Posted in Advocacy on the Move.