Feds Scramble to Increase Funding for Paycheck Protection Program
The House and Senate aren’t scheduled to reconvene until early May; however, lawmakers are negotiating at a distance to reach an agreement to provide more funding for the Paycheck Protection Program (PPP).
Their tentative deal would invest another $310 billion into the program, with $60 billion allocated specifically for rural and minority groups and $60 billion for the Economic Injury Disaster Loan program. The agreement would also add $75 billion for hospitals and $25 billion for testing, for a total of $470 billion in additional spending.
PPP is a loan program ran through the Small Business Administration. It ran through its initial $349 billion last week after just two weeks of making loans. NAIOP and its allies in the real estate community-supported PPP and the law that created it, the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted last month to help the economy survive the coronavirus shutdown.