Senate Passes Deal to Replenish Small Business Loan Program

The White House and Senate and House Leadership indicate that the groups have reached a deal to replenish the loan program for small businesses that has been depleted during the coronavirus response. The deal totals more than $480 billion for various funding needs for healthcare and loan programs and was passed in the Senate by voice vote today.

In announcements by Congressional Democrats this morning and the White House this afternoon, lawmakers announced a deal that appropriates  $320 billion for the Small Business Administration’s Paycheck Protection Program (PPP), $60 billion of which is set aside for small lenders and community financial institutions; $60 billion for the Economic Injury Disaster Loan program; $25 billion for testing; and $75 billion for hospitals.

The PPP program funds small businesses to keep workers in a paid status and, in some cases, has aided businesses in staying financially afloat during the pandemic.

Passing this proposed bill required unanimous consent by the Senate, which was achieved just after 5pm today in a voice vote. In tweets, President Trump urged both the House and Senate to pass the bill.

“I urge the Senate and House to pass the Paycheck Protection Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. After I sign this Bill, we will begin discussions on the next Legislative Initiative with fiscal relief........to State/Local Governments for lost revenues from COVID 19, much needed Infrastructure Investments for Bridges, Tunnels, Broadband, Tax Incentives for Restaurants, Entertainment, Sports, and Payroll Tax Cuts to increase Economic Growth,” the president wrote.

Now that the bill has made it through the Senate, the House can vote on the measure as early as Thursday.