Senate provides more funding for Paycheck Protection Program loans - Spidell

Senate provides more funding for Paycheck Protection Program loans

The Senate has passed the Paycheck Protection Program and Health Care Enhancement Act, which will add an additional $320 billion to the Paycheck Protection Program. This is in addition to the $349 billion that was previously authorized under the CARES Act.

According to bill summaries we have seen, this latest legislation will also add an additional $60 billion for loans and grants under the Small Business Administration’s Economic Injury Disaster loan program, $75 billion for hospitals, and $25 billion for coronavirus testing.

We do not know whether this latest legislation will provide any additional clarity as to loan eligibility or loan forgiveness. However, you should notify clients that they can continue to apply for these PPP loans now that this funding has been approved.

The bill is now being sent to the House (where it is expected to be passed), and then to the President, who is expected to sign it.

We will keep you posted as we learn more details.

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