Senate Approves Bill To Replenish Paycheck Protection Program
On April 21, The U.S. Senate approved a deal to add roughly $484 billion to the existing coronavirus stimulus relief package.
Of the $484 billion bill that will be injected into the program, roughly $320 billion will be added to the Small Business Paycheck Protection Program. Of that, $60 billion will be set aside for community-based lenders, small banks, and credit unions to assist small businesses that do not have an established relationship with big banks. An additional $10 billion will be allocated for administration fees.
In addition to the Paycheck Protection Program, $75 billion will go to overwhelmed hospitals and health care providers, and another $25 billion will be added to the COVID-19 testing efforts.
The legislation will head to the House on Thursday, April 23. Once approved, the bill will head to President Donald Trump for approval.
Stephen Moorhead is the Managing Partner of Moorhead Real Estate Law Group.
He is Board Certified in Real Estate Law by The Florida Bar’s Committee on Education and Legal Specialization and has extensive experience in real estate litigation, real estate development, and all aspects of complex commercial real estate transactions.