On Thursday, April 23, 2020, the U.S. House of Representatives passed the Paycheck Protection Program an Health Care Enhancement Act.
Now that both houses of Congress have passed the legislation, President Trump says he will sign it.
The legislation adds $310 billion to funding for Paycheck Protection Loans, $50 billion for Economic Injury Disaster Loans and $10 billion for Emergency Economic Disaster Grants.
Banks are saying it’s likely these funds will be used for loan applications that are already in the pipeline.
Congress will likely soon revisit whether additional funding should be provided.