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Senate Approves New Coronavirus Package After PPP Reaches Funding Capacity

Senate Approves New Coronavirus Package After PPP Reaches Funding Capacity

The spread of the Coronavirus has brought about a great financial crisis for many people due to stay-at-home orders and the closure of non-essential businesses. As a result of this, the government passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act and signed it into law. Part of the initial package that was passed included the Paycheck Protection Program (PPP). This provided $349 billion in loans to small businesses in need. Since this was passed in March, the program hit its funding capacity and stopped accepting applications.

As a result of PPP reaching its capacity, Congress was pressured to pull together an additional relief package to continue funding small businesses around the nation. The Senate announced their plan for a relief package that is worth approximately $484 billion. Passing unanimously through the Senate, the bill now must be voted on by Congress. If passed, it would provide an additional $310 billion to the Paycheck Protection Program for businesses whose applications just missed funding or those who still want to apply. In addition to this, the package would provide $60 billion in disaster relief loans and grants, $75 billion for hospitals, and $25 billion for Coronavirus testing.  

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