U.S. Senate approves another $320B for small business bailout program
Photo | Grant Welker
Main Street in Marlborough
The U.S. Senate on Tuesday approved an extra $320 billion in funding for the Paycheck Protection Program, the original $349-billion forgiveable loan program for small businesses impacted by the coronavirus pandemic, which ran out of money after less than two weeks.
The Senate passed the measure by unanimous consent, which means no senators objected to the bill and it was passed without the legislative body actually being in session. Senate Majority Leader Mitch McConnell asked for and received approval for the extra funding on Tuesday afternoon, according to the video streaming on C-SPAN.
The measure must now pass the house before heading to President Donald Trump for his signature. The proposed law included another $75 billion for hospitals and $25 billion for coronavirus testing.
The U.S. Small Business Administration on Thursday stopped accepting new PPP loan applications, as the original $349-billion pot had run out in 13 days. Over the course of those two weeks, nearly 47,000 Massachusetts businesses received $10.4 billion in loans.
PPP is designed to provide loans of up to $10 million to businesses and nonprofits with fewer than 500 employees. A portion of the PPP loans can be forgiven, particularly if businesses use the money to keep people employed.
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