U.S. Senate Passes Additional Funding for PPP
The U.S. Senate passed an interim Coronavirus emergency package by voice vote. The package includes additional funding for the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDLs), hospitals, and testing. The bipartisan agreement comes days after negotiations and a week after the PPP ran out of its initial funding.
Republican Leader Mitch McConnell stated, “This bipartisan agreement will provide more than $320 billion in additional funding for the Paycheck Protection, which is already helping millions of small-businesses employees receive paychecks instead of pink slips.”
The act increases the appropriation level for the PPP from $349 billion to $670.335 billion and an additional $60 billion in funding for EIDLs.
The U.S. House of Representatives will consider the legislation later this week.