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.

Stay tuned and check back for updates! Please be sure to contact us if you have any questions or are interested in a consultation. Our team is here to help.

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