White House and Senate Agreed to Replenish PPP Loan

On April 21, 2020, the White House and the Senate agreed on a new funding package in excess of $480 billion to reopen the aid to small businesses stricken by COVID-19. The House is expected to vote on the legislation within this week. A total of $320 billion will be allocated for the Small Business Administration’s Paycheck Protection Program (PPP). The package also includes $60 billion for the Economic Injury Disaster Loan program (EIDL).

The Paycheck Protection Program is designed to expand the access and availability of loans to small businesses affected by the COVID-19 pandemic. The initial funding for the program in the amount of $350 billion was exhausted quickly.