Senate Approves Additional Funding for Small Businesses

Businesses unable to apply in time for loans from the initial Paycheck Protection Program (PPP) allocation have another opportunity to submit an application after the U.S. Senate passed a bill appropriating additional funding for the program. Similarly, businesses that submitted loan applications which could not be approved by the SBA because of the exhaustion of initial appropriations to the program can expect to see those applications processed. More than 20 percent of the new allocation is earmarked for distribution by smaller depository institutions, credit unions, and community financial institutions.