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Senate passes bill to replenish small business relief programs

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Senate passes bill to replenish small business relief programs
istock.com/Steve Dunning

The federal Paycheck Protection Program and Economic Injury Disaster loans will be replenished when a new bill is signed into law. Late Tuesday, the U.S. Senate passed a bill to replenish the small business loan programs, including the Paycheck Protection Program (PPP). Earlier, the White House and Congress reached a deal on a package that the National Lumber and Building Material Dealers Association says will give:

• $310 billion cash infusion for PPP,
• $50 billion for Economic Injury Disaster Loans (EIDL),
• $10 billion for EIDL grants,
• $25 billion for testing,
• and $75 billion for hospitals.

NLBMDA has been lobbying Congress to quickly replenish these programs and ensure dealers have access to relief programs.

The House of Representatives is planning to take action on Thursday and President Trump will sign the bill. NLBMDA members interested in applying for these programs should talk with their lenders as soon as possible so that they can be among the first to apply once the banks have the funds available, NLBMDA says.