The Senate approved a measure that would inject more than $300 billion into the exhausted Paycheck Protection Program, part of the federal CARES Act stimulus created to aid small businesses during the COVID-19 crisis.
The Senate approved a measure that would inject more than $300 billion into the exhausted Paycheck Protection Program, part of the federal CARES Act stimulus created to aid small businesses during the COVID-19 crisis.
The bill is expected to go before the House for approval Thursday, where it’s expected to pass, according to MarketWatch.
“The new loan funding will help thousands of construction firms to retain essential construction jobs amid rapidly declining demand for construction services,” stated Associated General Contractors of America CEO Stephen Sandherr. “As one of the relatively few sectors of the economy still operating, construction firms still have significant payrolls in need of protection.”
The $349 billion PPP exhausted its funds April 16, less than two weeks after launching. The program was criticized for technical glitches and recent reports that larger companies had been approved for the loans, which were intended for small businesses.
Other loan programs remain available to businesses amid the crisis, including the Main Street lending program and Economic Injury Disaster Loans. The World Floor Covering Association also shared a list of financial assistance programs available state-by-state.