Senate Passes Small Business Relief Package, More PPP Funding
Today, the U.S. Senate passed a roughly $480 billion relief package that includes new funding for small businesses hurt by the coronavirus outbreak. The deal will authorize the Paycheck Protection Program (PPP) to spend an additional $310 billion.
While our much-needed reforms for restaurants were not included in this round, we appreciate all of your engagement and advocacy to
make your voices heard
on these crucial issues.
The IRA will continue to fight for necessary improvements to the PPP program in order to help restaurants survive and thrive in the future.
The Senate passed the package by a voice vote, meaning most Senators would not need to return to Washington, DC, during the pandemic. The bill now goes to the House, which is expected to vote on the package Thursday.
The total price tag of the bill is approximately $484 billion, which amounts to the latest unprecedented effort by Washington to prop up the economy on the heels of the $2 trillion rescue package, the $192 billion relief measure and another $8.3 billion plan Congress approved last month. Democratic leaders are already planning for another massive rescue bill.
Of the $310 billion authorized for the Paycheck Protection Program, $60 billion will be set aside for smaller lending facilities, including "community financial institutions, small insured depository institutions and credit unions with assets less than $10 billion."
There will also be $10 billion for grants under the Emergency Economic Injury Disaster Loan program, $50 billion for disaster recovery loans and $2.1 billion for additional salaries and expenses for the Small Business Administration.