The Senate voted by unanimous consent to allocate another $484 billion in an interim relief fund, with $310 billion to top off the depleted PPP fund, an additional $60 billion specifically for smaller lending institutions and another $50 billion to replenish the SBA Economic Disaster Injury Loan and grants programs. The fund also includes $75 billion dollars for hospitals and $25 billion to ramp up testing. The House passed the measure on Thursday (April 23), with President Donald Trump signing it into law by week’s end.
The $60 billion for smaller lenders will be split between institutions like community banks, credit unions and community development financial institutions with less than $10 billion in assets and those with between $10 billion and $50 billion in assets. This move is to rectify a flaw in the first appropriation, where smaller businesses found themselves crowded out of PPP funds by larger “small businesses” that worked with big banks.
The state of Kentucky approved 23,797 PPP loans in round one for a total of $4,149,467,684 going to small businesses, according to the U.S. Small Business Administration, Kentucky District Office.
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