The Small Business Administration on Monday will start accepting new applications for the Paycheck Protection Program, using more than $300 billion in new funding provided by a coronavirus relief bill President Donald Trump signed into law Friday.
The House on Thursday cleared a $484 billion COVID-19 relief bill that will replenish the Paycheck Protection Program with an additional $320 billion and make farms eligible for a separate disaster loan program for small businesses.
A fresh round of COVID-19 relief should be available to small businesses and farms very soon. The House is set today to clear legislation that will add $321 billion to the Paycheck Protection Program, which has been out of money for a week.
The Senate OKs a bipartisan agreement to infuse the highly popular Paycheck Protection Program with an additional $320 billion while also making farms eligible for a separate disaster loan program for small businesses.
The Small Business Administration ran out of money Thursday for the highly popular forgivable loans that dairy operations and other farms and businesses that have been applying for in droves to pay workers amid the loss of sales during the COVID-19 crisis.
Senate Democrats halted a Republican effort to add $250 billion to the highly popular Paycheck Protection Program for farms and small businesses, saying the measure failed to address other more urgent needs.
Banks and Farm Credit System institutions on Friday began taking applications from farmers and other small businesses for $349 billion in forgivable loans aimed at shoring up the economy during the COVID-19 crisis.