Senate approves measure to replenish halted coronavirus small-business loan program
WASHINGTON – The Senate on Tuesday approved a measure that will revive a stimulus program geared to keep small businesses from shuttering and their employees from going on unemployment because of the economic impacts of the coronavirus pandemic.
The nearly half-trillion bill, which was approved through voice vote, would provide more funds to the Paycheck Protection Program, which was halted last week after it ran out of money.
The $484 billion bill would inject the program, which provides loans to small businesses, with more than $320 billion. Of that, $60 billion would be set aside for community-based lenders, smaller banks and credit unions to assist smaller businesses that don't have established relationships with big banks and had a harder time accessing the funds in the first round of loans. About $10 billion of that will also be allocated for administration fees
The measure would also bolster the Small Business Administration's disaster loan and grant programs, which dried up during the coronavirus crisis.
https://www.msn.com/en-us/news/politics/senate-approves-measure-to-replenish-halted-coronavirus-small-business-loan-program/ar-BB1308Hg?li=BBnb7Kz
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