Senate Approves Funding for Small Business Loan Programs, House Vote Expected by Friday

(Note: This is a developing story. It will be updated as the compromise legislation passes the House of Representatives and is signed by the President. Last update: Wednesday, April 22, 2020, 10:11 AM)

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After Coronavirus-related small-business loan programs ran out of money last Thursday, Congress has been under pressure to approve follow-up or “interim” funding. Over the weekend, Democrats and Republicans indicated they were close to a compromise spending bill to fund small-business loan programs — including the Paycheck Protection Program and the Economic Injury Disaster Loan program.

Funding included in the spending bill:

$320 billion | Payroll Protection Program
$60 billion | Economic Injury Disaster Loan program
$75 billion | Funding for hospitals’ preparation for coronavirus 
$25 billion | Funding to ramp up coronavirus testing capacity

The Senate passed the bill yesterday (Tuesday) and the House is expected to vote on Thursday with the White House signing after that.


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