The Senate has approved legislation that will replenish funding for the federal Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL). The package provides $310 billion cash infusion for the PPP, $50 billion for EIDLs, $10 billion for EIDL grants, $25 billion for coronavirus testing, and $75 billion for hospitals.
The PPP originally was allocated $349 billion as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), but the funds were depleted in only two weeks after the program went live on April 3. According to a PPP report from the Small Business Administration, by April 13, more than 1 million loans were approved, totaling $247.5 billion. The construction industry led all other subsectors with nearly $40 billion in loan approvals across over 114,000 applications.
The National Lumber and Building Materials Dealers Association (NLBMDA) had been lobbying Congress to quickly pass additional funding for the PPP and EIDL after funds ran out. Following the Senate’s approval, the House of Representatives is expected to take action on the package on April 23. Once approved, the bill will be sent to President Trump.
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