The U.S. House of Representatives passed legislation Thursday that will provide $370 billion in additional pandemic-relief funding for small business as part of a larger aid package.
President Donald Trump is expected to quickly sign the $484 billion Paycheck Protection Program and Health Care Enhancement Act, which was approved by the Senate on Tuesday. Most of the small business funding, $310 billion, will replenish the Paycheck Protection Program (PPP), which is administered by the U.S. Small Business Administration (SBA) and provides forgivable loans to certain types of businesses.
The $310 billion for the PPP includes $60 billion in loans to be made by small banks, credit unions, minority-owned banks, and other small lenders. Of that total: