(Note: This is a developing story. It will be updated as the compromise legislation passes the House of Representatives and is signed by the President. Last update: Friday, April 24, 2020)
President Trump today signed into law the $480 billion funding package to deliver aid to small businesses, hospitals and the expansion of testing for Covid-19.
Yesterday, the House voted to approve the legisation, with a vote of 388-5. The bill passed the Senate on Tuesday on a voice vote.
The bill authorizes an additional $310 billion for the Paycheck Protection Program, which was set up to help small businesses struggling from the economic deep freeze triggered by coronavirus.
After Coronavirus-related small-business loan programs ran out of money last Thursday, Congress has been under pressure to approve follow-up or “interim” funding. Last weekend, Democrats and Republicans indicated they were close to a compromise spending bill to fund small-business loan programs — including the Paycheck Protection Program and the Economic Injury Disaster Loan program.
Funding included in the bipartisan spending bill:
$320 billion | Payroll Protection Program
$60 billion | Economic Injury Disaster Loan program
$75 billion | Funding for hospitals’ preparation for coronavirus
$25 billion | Funding to ramp up coronavirus testing capacity
How to find out where to apply and what to expect
In an updated guidance published (PDF) April 23, the Department of the Treasury emphasized that companies that apply for PPP loans must certify that they have a real need for the money.
“It is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification,” the agency said.
This interactive map from the SBA provides a listing of PPP lenders. (However, the map still said the SBA could no longer accept applications. This was before the interim legislation was enacted.)