On April 21, 2020, the U.S. Senate passed the Paycheck Protection Program and Health Care Enhancement Act. The legislation would increase the authorization level for the Paycheck Protection Program from $349 billion to $659 billion, and increase the appropriation level for the PPP from $349 billion to $670.355 billion.
$30 billion of the increase is earmarked for distribution by community-based lenders.
It also increased the authorization level for Emergency Economic Injury Disaster Grants from $10 billion to $20 billion (maximum $10,000 grant for a business) and adds $50 billion for Economic Injury Disaster Loans.
Certain agricultural enterprises with not more than 500 employees are made eligible for PPP loans.
The House of Representatives is scheduled to pass the legislation on Thursday, April 23, and President Trump says he will sign it.
These funds are expected to be committed as fast as the initial amounts.
Congress will likely be revisiting funding for these loans again.
Here is a URL to the Bill that passed in the Senate. https://www.trsa.org/wp-content/uploads/2020/04/Bill-Text.pdf