Paycheck Protection Program Reaches Funding Cap: What Comes Next?
To provide financial support to people impacted by the Coronavirus pandemic, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed and signed into law. Part of this package included the Paycheck Protection Program (PPP), which gave $349 billion to businesses in need through loans. Since its passing, the program currently hit its billion dollar cap and is no longer accepting any more applications for lenders.
Since the program reached its capacity for funding, there has been pressure on Congress to approve more funding. Lawmakers are currently working on an “interim” spending bill that is intended to give the PPP a boost. The latest bill that is under review would include about $450 billion in funding. This would consist of another $350 billion for small-business loan programs, $75 billion for hospitals, and $25 billion for testing. The details regarding this deal are still being worked out amongst lawmakers in Congress, but if an agreement is reached soon, it can be passed within the coming week.
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