BGOV Bill Summary: Small Business Loan Funding Boost

A new program offering forgivable loans to small businesses that keep workers on the payroll during the coronavirus outbreak would receive about $250 billion in additional lending authority under an emergency funding measure proposed by Senate Republicans.

The third coronavirus response package (Public Law 116-136) provided $349 billion for the Paycheck Protection Program, which offers low-interest loans guaranteed by the Small Business Administration to a wide range of businesses, nonprofits, and individuals affected by Covid-19. The loans can be forgiven for borrowers that pay eligible payroll expenses or rehire workers over eight weeks.

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