CARES ACT: Additional $300 Billion into Paycheck Protection Program

The Paycheck Protection Program (PPP) exhausted nearly $350 billion set aside under the CARES Act for low-interest loans to small businesses in just 14 days. On April 21, 2020, the Senate passed a measure to increase funding under the PPP. The expansion allows for an additional $310 billion in available funds, increasing the total amount under the PPP from $349 billion to $659 billion. It also included an expansion of the Economic Injury Disaster Loss (EIDL) program, which would increase funds from $10 billion to $20 billion.

The House is expected to vote on the bill on Thursday, April 23, and it is widely expected to pass. The full legislation can be found here.

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