Congress strikes deal to replenish small business relief fund with $310B
Congressional lawmakers agreed Tuesday to provide $484 billion to refill the coffers of a small business relief fund, expand testing for COVID-19, and send money to hospitals. The bill is expected to pass quickly.
- The legislation earmarks $310 billion for the Paycheck Protection Program, a depleted fund that provides forgivable loans to small businesses that have been impacted by the pandemic.
- Applications for the program opened two weeks ago but the $349 billion in initial funding quickly ran dry, leading to mixed results for tech startups and other small businesses. Companies that were able to secure funds attributed their success to the type of bank that facilitated the loan.
- The new legislation hinges on concessions to Democrats, including setting a national testing strategy, according to The New York Times. It includes $60 billion for the Small Business Administration’s disaster relief fund, $75 billion for hospitals, and $25 billion for coronavirus testing.
Source: GeekWire Startup