The House finally approves a NEW Stimulus for Small Businesses. The PPP ran out of money earlier this month, spurring Congress to pass a $484 billion Phase 3.5 relief package to replenish the PPP funds and fund other programs.
The Phase 3.5 bill passed the House on Thursday after passing in the Senate earlier this week. It is expected to be signed into law by President Trump on Friday afternoon. The new interim emergency relief package delivered a $310 billion infusion to the PPP, with $30 billion of that reserved for community-based lenders, small banks and credit unions. While $30 billion will be for mid-sized banks and credit unions.
The bill also provided an additional $50 billion for the Small Business Administration’s emergency disaster lending and $10 billion in SBA disaster grants.
Democrats had been pushing for additional help for state and local governments that are running dry on revenue during the pandemic, but Republicans refused.