The Senate on Tuesday approved $370 billion in additional funding as part of a new COVID-19 pandemic relief bill. The Senate bill is designed to benefit small business owners in nearly every industry, including ranching and farming.
“This bipartisan agreement will provide more…funding for the Paycheck Protection Program, which is already helping millions of small-business employees receive paychecks instead of pink slips,” Senate Majority Leader Mitch McConnell, R-Ky., said in an April 21 statement.
It remains unclear at this time how the House, currently in recess, will pass the additional PPP funding measure, known on Capitol Hill as “phase 3.5” of Congress’ response to the COVID-19 pandemic. It is expected that the House will rule on this measure by tomorrow afternoon.
For those of you who were not approved or failed to apply for a PPP loan during the initial $349 billion funding window, consider reaching out to your lender today to begin an application. For more information about PPP loans, consider visiting our blog.
Lawmakers are already beginning discussions on a “phase 4” or “CARES 2” legislative package. As these matters evolve, we will keep you informed.