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ARTICLE · 13 MAY 2020

US Senate Enacts Legislation To Extend The Paycheck Protection Program

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After $349 billion in paycheck protection program ("PPP") loans were exhausted in just 13 days, the U.S. Senate today enacted legislation to provide additional funding for the program...

United StatesCoronavirus (COVID-19)
Andrew Kugler
Andrew Kugler
Joanna Nicholas
Joanna Nicholas
Eric T. Mitzenmacher
Eric T. Mitzenmacher
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After $349 billion in paycheck protection program ("PPP") loans were exhausted in just 13 days, the U.S. Senate today enacted legislation to provide additional funding for the program, including at least $60 billion set aside for smaller banks and lenders. The legislation does not alter the general eligibility, affiliation, forgiveness, repayment and loan requirements; but merely provides additional funding.

Specifically, the legislation increases PPP funding by $310 billion, including $250 billion accessible to all eligible lenders and borrowers, $30 billion set aside for loans made by Insured Depository Institutions and Credit Unions with consolidated assets between $10-$50 billion, and an additional $30 billion set aside for loans made by Community Financial Institutions, Small Insured Depository Institutions and Credit Unions with consolidated assets under $10 billion.

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