The United States House of Representatives is expected to pass new legislation Thursday, April 23, 2020, that provides an additional $484 billion in coronavirus relief.
The Senate unanimously approved the bill Tuesday that replenishes the Paycheck Protection Program (PPP), which provides $210 billion in forgivable loans to businesses that uses the money to keep employees on payrolls. The PPP is managed by the Small Business Administration (SBA).
The initial $349 billion that was allocated to the PPP was exhausted April 16.
The bill also provides $10 billion for the Emergency Economic Injury Disaster Loan program that business can borrow as much as $2 million with an initial grant of as much as $10,000.
The new legislation comes after a $2.2 trillion coronavirus relief package was signed into law March 27. It provided a one-time $1,200 tax rebate for individuals making as much as $75,000 a year and $2,400 for couples who file jointly and earn less than $150,000 a year. An additional $500 is provided per qualifying child.
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