Paycheck Protection Program authorized to spend another $310 billion
After two weeks of back-and-forth discussions between Congressional leaders, a new $480 billion coronavirus relief package has been approved.
While $310 billion will be allocated for small business funding, the remaining $170 billion will divided among other high priorities like hospitals and increased testing.
This comes 6 days after the first round of PPP funding (roughly $350 billion) ran out, leaving a vast amount of small businesses empty-handed. More details to come.
Correction (April 23, 2020): The vote was passed by Senate, but still needs to pass another vote in the House of Representatives on Thursday. It’s expected to pass the House, and when it does it will need the final signature from President Trump in order for the bill to become a law.