U.S. Senate Passes Bill Providing Additional Funds for Small Business

FromTheDomeThe U.S. Senate today passed an additional stimulus bill that will provide $480 billion to COVID-19 related programs, including an additional $310 billion for the Paycheck Protection Program. The U.S. House is expected to consider the bill tomorrow and President Trump has indicated he will sign.
The bill also includes:
  • $60 billion for smaller lending facilities, including minority depository institutions, certified development companies and credit unions;
  • $10 billion for grants under the SBA’s Emergency Economic Injury Disaster Loan program;
  • $50 billion for SBA disaster recovery loans;
  • $2.1 billion for additional salaries and expenses for the Small Business Administration;
  • $75 billion for hospitals and health care providers to support for Covid-19 expenses and lost revenue from canceled elective surgeries and other procedures;
  • $25 billion for research to develop, validate, manufacture, purchase and administer Covid-19 tests, including $11 billion for states to expand lab capacity.

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