Senate Approves Package to Add Funds to Small Business Lending Programs

The Senate approved a package on April 21 to replenish the depleted Paycheck Protection Program and Economic Injury Disaster Loan programs, according to reporting from The Hill. The deal includes $320 billion for the SBA's PPP program; $60 billion of that will be allocated for small lenders and community financial institutions. Other funds include $60 billion for the EIDL, $25 billion for testing and $75 billion for hospitals. The House is expected to pass it on Thursday before it moves to President Trump for his signature.

Take a closer look at small business loan options through the CARES Act.

Dean Mon, chairman of the National Association of Home Builders, issued the following statement in response to the additional funding: "The additional $380 billion in new small-business funding approved by the Senate is a welcome development for the thousands of home building firms that desperately need this important government program. Many of these companies are stuck in limbo waiting for this additional funding. As Congress develops the next economic package, it needs to take additional steps to ensure broader builder eligibility under the Paycheck Protection Program (PPP). 

"Home building remains an essential business throughout most of the nation and ensuring land developers, multifamily property owners and the trade associations that serve the industry have access to this program must be a priority. Providing sufficient access to the PPP will allow builders to keep their doors open, keep their employees on the job and continue to provide housing opportunities for all Americans during this challenging time."