Senate Approves Paycheck Protection Program Expansion; House to Vote Thursday
This afternoon the Senate voted to approve legislation expanding amounts allocable under the Paycheck Protection Program (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. Of the additional amounts available for loans, $30 billion will be set aside for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion and $30 billion will be set aside for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.
The legislation also included an expansion of the Economic Injury Disaster Loss (“EIDL”) program, increasing the available funds thereunder from $10 billion to $20 billion. Additionally, agricultural enterprises (as defined in the Small Business Act), are now eligible for EIDL grants and loans.
The House currently is scheduled to consider the measure on Thursday. House Democratic leadership advised Members at the beginning of this week that a recorded vote would be likely and asked Members who could return to Washington to be present. Similar to passage of the CARES Act last month, the House is expected to establish a quorum to overcome Republican objections to a voice vote and pass the bill.
Read the full text of the legislation here.