Regulation and Compliance

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.
 
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Apr 21, 2020
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