Senate to Boost Small Business With Passage of $484 Billion Stimulus Package

Apr 21, 2020

Rotunda and the statue of Gerald R. Ford. Washington, D.C. (Photo credit: Getty Images/SergeYatunin)

The U.S. Senate has approved a $484 billion package in aid aimed at small businesses impacted by the COIVID-19 pandemic. The package will feature $310 billion for the Paycheck Protection Program (PPP), including $60 billion earmarked for community banks and smaller lenders. The interim emergency funding package passed the Senate by a unanimous voice vote and heads to the House of Representatives, with House members returning to Washington for a recorded vote.

Passage of this newest stimulus package comes weeks after Congress approved the $2 trillion Coronavirus Aid, Relief and Economic Security (CARES) Act, after small businesses pressured Congress regarding the PPP after funds from the initial $349 billion stimulus package ran dry.

According to TheHill.com, Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows struck an agreement on the foundation of what is being dubbed as the “Phase 3.5 relief bill” with Senate Democratic Leader Charles Schumer (D-NY) and Speaker Nancy Pelosi (D-CA) early Tuesday morning.

In addition to the aid committed to small businesses, of the $484 billion package, $75 billion will be set aside for hospitals, $25 billion for testing and $60 billion for emergency disaster loans.

About the author

NationalMortgageProfessional.com

Link copied

Published

Apr 21, 2020

Tech

Originators Rank Marketing As Their Biggest Tech Bottleneck

Four OriginatorTech demonstrations showed how vendors are applying AI and automation to content, database outreach, and loan operations

Mortgage technology companies spend plenty of time talking about faster files and smoother closings. But originators attending National Mortgage Professional’s latest OriginatorTech Demo Day pointed to a more immediate problem: marketing.Content creation and marketing topped...

Non-QM

GenWay Brings AI Automation To Non-QM Underwriting

The wholesale and correspondent lender plans to move six underwriting automation products into production within three months

GenWay Home Mortgage has deployed Tavant’s TOUCHLESS mortgage automation platform across its Non-QM and government-lending businesses, extending the industry’s push to automate underwriting beyond conventional agency loans.The national wholesale and correspondent lender is u...

Oct

Denver, CO

More from

Regulation and Compliance

The Risk Your Credit Score Can't See

Place-based market risk can produce dramatically different default outcomes among borrowers with nearly identical credit profiles

Opinion

Sep 17, 2026

Trump Taps FHA Insider Matt Jones To Lead Agency

The former MBA policy executive would oversee FHA underwriting, servicing, and credit-score changes that directly affect lenders and borrowers

Regulation and Compliance

Sep 16, 2026

Regulators Propose Risk-Based Vendor Oversight For Community Lenders

Plan could ease reviews of lower-risk mortgage technology while preserving lender responsibility for vendor failures

Regulation and Compliance

Sep 14, 2026

FHA Sets Jan. 1 Start For FICO 10T And VantageScore 4.0

Lenders will gain competing modern scoring options, but borrowers may not see both offered everywhere

FHA

Sep 11, 2026

FHFA Studies Credit-Report Changes To Cut Mortgage Costs

Pulte’s comments could signal either fewer bureau reports or a portable report borrowers could share among lenders, but FHFA has not clarified which approach it is studying

Regulation and Compliance

Sep 10, 2026

AI Errors Leave Mortgage Trustee Without Brief In Foreclosure Appeal

Outside counsel’s fabricated citations expose a third-party oversight risk for mortgage servicers, trustees, and investors

Courts

Sep 10, 2026

Popular