Bill to Revive SBA Loans Passes Senate

The U.S. Senate just passed a bill to revive the Small Business Administration’s disaster loan and grant programs. The House is expected to vote its approval on Thursday and the funding will become available soon thereafter – a best guess is by next week. If you plan on applying for a PPP or EIDL loan, we suggest you reach out to your lender and prepare to apply as soon as the programs reopen. Here is what we know of the bill as it stands thus far:

  • It provides a total of $484 billion in new spending, including $310 billion in new money for the Paycheck Protection Program.
  • $60 billion of that amount is earmarked for smaller lenders. Half ($30 billion) will go to community development financial institutions (CDFIs) and small lenders with less than $10 billion in assets. This is designed to ensure more funding access to smaller and more rural organizations and those without strong banking relationships.
  • The bill also adds $50 billion more to the Economic Injury Disaster Loan (EIDL) program as well as $10 billion to the EIDL emergency grants program.
  • An additional $75 billion will go to hospitals and $25 billion for testing, split between the states and federal government.

Visit our COVID-19 Response & Resources page for these and other relief funding resources:

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