Senate Approves Bill to Replenish Paycheck Protection Program Funds

We’ve written a lot about the Paycheck Protection Program as part of the blog’s COVID-19 coverage. The program has really been helping a lot of businesses, so much so that the money ran out a few days ago. Well, the Senate has approved a bill that would replenish funds for the Paycheck Protection Program, so more companies can get help.

The bill, approved Tuesday, would provide an additional $310 billion in loan funds for the Paycheck Protection Program. The House is expected to pass the bill on Thursday morning.

The bill doesn’t change the rules for the program, which we discussed here. So, please check the eligibility rules that we’ve discussed on the blog.

However, the bill will also provide an additional $10 billion SBA’s existing Economic Injury Disaster Loan (EIDL) program. There is one change to eligibility for that program, an “agricultural enterprise” as defined in the Small Business Act with not more than 500 employees will now be eligible for disaster loans.

Once this bill is passed, small businesses should be ready to contact their lenders and start the application process, as the loans will go out quickly like in the previous round.

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