adminA new bill was unanimously approved by the Senate for $320 billion of additional funding for the Paycheck Protection Program, which provides loans to small businesses affected by coronavirus shutdowns. In the bill, $60 billion has been earmarked for community banks and small lenders.
The bi-partisan bill to supplement the CARES Act also included an additional $75 billion for hospitals, with some going to rural areas that are just beginning to see and admit COVID-19 positive patients. Additionally, $25 billion has been set aside to expand COVID-19 testing nationwide and $60 billion in emergency disaster loans and grants.
The program is designed to provide small businesses with money to pay up to eight weeks of payroll costs, including benefits. According to the Small Business Administration (SBA), the funds can also be used to pay interest on mortgages, rent, and utilities.
“Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities,” the SBA said.
