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Senate passed $484 billion bill to inject additional funding into SBA disaster loan programs

Updated: Apr 24

The Senate has passed a $484 billion bill to inject additional funding into SBA disaster loan programs — both the Paycheck Protection Program (PPP) and the Emergency Injury Disaster Loan (EIDL) — that will now head to the House where it is expected to pass later this week. What you need to know: Paycheck Protection Program Additional $310 billion in funding (on top of $349 billion in CARES Act) $30 billion carve-out for Insured Depository Institutions and Credit Unions with assets between $10 billion and $50 billion in assets $30 billion carve-out for Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with less than $10 billion in assets Additional $50 billion for SBA Disaster Loan Program

Emergency Injury Disaster Loan Program Additional $10 billion in funding (on top of $10 billion in CARES Act) Expands eligibility to agricultural enterprises with less than 500 employees




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